Wheat prices rose on open fire in the Black Sea

Wheat futures contracts traded on the Chicago stock exchange rose as Russian warships fired warning shots at a cargo ship in the Black Sea, raising supply concerns.

A Russian warship opened fire on a cargo ship heading north across the Black Sea yesterday. This is the first time Russia has fired on a ship bound for a port outside of Ukraine since it left the Black Sea grain corridor deal last month.

Soybeans rallied after falling in the previous session, while corn fell.

Wheat, which has the largest trading volume on the Chicago Stock Exchange, rose 0.2 percent to the $6.28/bushel level, or $230.8/tonne.

Egypt futures contracts fell 0.2 percent to $4.86 a bushel, or $191.3 a ton.

Soybeans rose 0.4 percent to $13.12 a bushel, or $482.1 a ton. (Reuters)