Grains-Chicago wheat maintains three-year high on Black Sea tensions
DBA•Chicago wheat hits another three-year peak
Chicago wheat futures rose on Friday to another three-year peak as the market remained focused on military escalation in the Black Sea, which is threatening a prolonged squeeze on Russian and Ukrainian exports.
The most-traded wheat contract on the Chicago Board of Trade was up 25-1/2 cents at $7.86-1/4 a bushel at 10:20 a.m. CDT (1520 GMT). It rose earlier to $7.88 per bushel, its highest level since February 2023 and above previous three-year highs hit this week.
Corn and soybeans also extend strong gains
Corn and soybeans set fresh multiyear and life-of-contract highs, further supported by doubts over U.S. corn yields and a wave of Chinese demand for U.S. soybeans.
CBOT corn rose 3-3/4 cents to $5.37-1/4 a bushel after setting a new three-year peak. CBOT soybeans gained 16-1/4 cents to $12.84-1/2 a bushel, after reaching another 2-1/2-year peak.
