GRAINS-Wheat eases from 2-year high, Black Sea supply woes limit downside
WEAT•Soybeans supported by crude; corn eases
Soybeans firmed, tracking higher crude prices, while corn ticked lower.
Soybeans rose 0.1% to $12.40-1/2 a bushel and corn gave up 0.1% to $4.84-1/2 a bushel.
The rally in crude oil prices lifted soybeans with increasing use of soyoil in making biodiesel, which competes for market share with petroleum.
Wheat slips after hitting two-year high
Chicago wheat slid on Thursday after climbing to a two-year high in the previous session, although the decline was limited by attacks on grain vessels and port infrastructure in the Black Sea region.
The most-active wheat contract on the Chicago Board of Trade (CBOT) fell 0.4% to $7.03-1/4 a bushel by 0303 GMT, having climbed to its highest since May 2024 on Wednesday.
Black Sea disruptions keep downside limited
Concerns over supplies from the Black Sea region have driven wheat prices higher in recent weeks as Russia and Ukraine stepped up attacks on grain ships and ports.
"Grain movement from the Black Sea region has slowed down due to attacks by both Russia and Ukraine," said one agricultural commodities trader in Singapore.
"There is not much impact on supplies for mills in Asia as of now, but we are closely monitoring the situation."
The Russian Defence Ministry said on Wednesday its forces attacked Ukrainian ports and military infrastructure in the Odesa region.
Russia has introduced a temporary ban on vessel movements in and out of the port of Novorossiysk between midnight and 5 a.m. because of Ukrainian drone attacks, three grain industry sources said on Wednesday. Novorossiysk is Russia's biggest port by volume and handles up to one-third of Russia's grain exports.
