Wheat climbs to one-week high ahead of Christmas break

Chicago wheat gained more ground on Wednesday, climbing to a one-week high on positioning ahead of the Christmas break, although ample supplies curbed the upside in prices. Soybean and corn futures rose, having closed largely unchanged on Tuesday. The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 0.7% to $5.20-3/4 per bushel by 0306 GMT, after climbing to its highest since December 16 earlier in the session. Soybeans gained 0.5% at $10.68-1/2 a bushel and corn added 0.3% to $4.48-3/4 a bushel. Wheat has rallied this week on positioning ahead of the year-end, when traders and investors typically cover positions. There has been some additional support from concerns that escalation in the war in Ukraine could disrupt Black Sea exports. A senior Ukrainian official said on Monday that Russian troops hit port and energy infrastructure in an overnight attack on the Odesa region, causing a fire at a major port and disrupting electricity supplies to tens of thousands ...