(Dec 24): Chicago wheat futures rose for a fifth session, headed for the longest rally since April, as Black Sea supply risks and weather uncertainties support prices.
Russian forces launched a missile and drone attack across Ukraine on Tuesday, killing civilians and damaging energy and port facilities in the Odesa region on the Black Sea, according to Ukrainian officials. That adds to a recent streak of attacks that have damaged infrastructure in both countries.
The two countries are major exporters of grains and edible oils, and the intensifying tensions threaten to disrupt supplies from the region.
Dryness is also building in US growing regions, adding to support for prices. The conditions are expected to continue this week, maintaining moisture shortages in northern and southern areas, forecaster Vaisala said in a report.
“Dry weather accompanies record-setting warmth across the central and southern Plains,” the US Department of Agriculture said in a Tuesday report.
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In other markets, palm oil futures in Kuala Lumpur were little changed after closing near a two-week high the prior session.
The markets will be closed Thursday for the Christmas holiday.
Prices:
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- Chicago wheat climbed 0.7% to US$5.2075 a bushel.
- Corn and soybeans were slightly higher.
- Palm oil for March delivery on Bursa Malaysia Derivatives was little changed at RM4,039 per tonne.
Uploaded by Chng Shear Lane
