Corn Advances to Chicago’s 2012 Peak on Supply Concerns; soy retreats – ISTOÉ DINHEIRO

By Tom Polansek

CHICAGO (Reuters) – Corn futures in Chicago hit a high since 2012 on Friday, when Russia’s invasion of Ukraine halted Black Sea grain exports and increased demand for supplies from the United States, traders said.

Soybeans retreated as traders booked profits and split spread trades, traders said, while wheat closed with a record weekly gain of 41%.

Russia’s invasion of Ukraine has made global importers scramble for alternative supplies, with the expectation that additional demand will flow to the United States, traders said.

On the Chicago Stock Exchange, corn for May advanced to a daily limit of 35 cents, touching the highest for a more active contract since September 2012. The benchmark closed up 6.50 cents at 7.5425. dollars or bushel.

May soybeans closed down 7.25 cents at $16.6050 a bushel. A week ago, the most active contract hit its highest price since 2012 due to supply disruptions in the face of the war in Ukraine.

Wheat for May closed at $12.09 a bushel at the expanded daily limit of 75 cents. That was the highest level for the most active contract since March 2008.

World food prices hit a record in February, jumping 24.1% from a year earlier, led by a rise in vegetable oils and dairy products, the UN food agency said on Friday.

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