Wheat pauses after gains on Black Sea escalation fears

Chicago wheat inched down on Tuesday, pausing after a three-day rally that was fuelled by concerns that escalation in the Russia–Ukraine war could disrupt Black Sea exports. Soybeans ticked higher for a second day as it recovered from an eight-week low, while corn edged up to a two-week high with support from brisk U.S. exports. The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.2% at $5.14-3/4 a bushel by 1239 GMT. The price benchmark has rebounded from an eight-week low struck last Wednesday, with a series of Russian attacks on Ukrainian port infrastructure encouraging investors to cover short positions. “We have seen some uptick in wheat prices due to the Black Sea situation,” said one Singapore-based grains trader, referring to recent gains. “But there are no major supply issues despite the Russia–Ukraine war. In fact, bumper harvests in the Southern Hemisphere, particularly in Australia and Argentina, are adding to global supply pressure.” Russian ...