He said ‘Ships to Ukraine are military targets’, wheat prices increased

Wheat futures contracts traded on the Chicago Stock Exchange rose 1.6 percent to a three-week high on concern that Ukraine’s attacks on ports following Russia’s withdrawal from the Black Sea grain deal would have long-term effects on global supplies.

Corn prices rose 1 percent while soybeans held steady on the prospect of hot, dry weather in the US Midwest, where the crops are planted.

LAST FROM RUSSIA

After Ukraine announced that it has created a temporary sea route to continue its grain exports, Russia announced that, starting today, all ships leaving Ukraine’s Black Sea ports will assume they are carrying military cargo.

Wheat futures contracts, which have the largest trading volume on the Chicago Stock Market, rose more than 8 percent yesterday and rose 1.6 percent to $7.39/bushel, or $271.5/ton, today.

Wheat prices registered the highest level since June 26 at $7.45/bushel.

Egypt rose 1 percent to $5.58/bushel, or $219.7/tonne.

Soybeans were unchanged at $14.09/bushel, or $517.7/ton. (Reuters)