Wheat leads grains higher with Black Sea war risks in focus

Chicago wheat rose 1% on Monday as reports of more Russian strikes on Ukrainian port infrastructure rekindled concern about war risks to Black Sea grain trade, encouraging investors to cover positions after an eight-week low last week. Soybeans were also higher, breaking a run of six falling sessions, as the oilseed found further support in a crude oil rally and an easing dollar. Corn tracked wheat and soybeans higher. After ample global supply and doubts over Chinese demand pushed Chicago grains to multi-week lows in recent days, war headlines helped prices recover. Russian forces hit port and energy infrastructure in Ukraine’s Odesa region, sparking a fire that burned 30 containers of flour and vegetable oil at the port of Pivdennyi, a senior Ukrainian official said on Monday. Russia has increased attacks on the Odesa region on the Black Sea coast in recent weeks, disrupting Ukraine’s grain export logistics. Crude oil, meanwhile, rose about 2% as U.S. action against Venezuelan ...