CHICAGO (Reuters) – Chicago wheat futures surged 6% on Tuesday, the sharpest daily rise in 3-1/2 years, while corn rose 3% on concerns that escalating tensions between Russia and Ukraine could disrupt grain flows from the Black Sea’s main export region.
Soybeans hit a nine-month high, with soybean oil futures up more than 4%. Continuing concern about a crop shortfall in South America due to bad weather added support.
On the Chicago Stock Exchange, wheat for March was up 47.25 cents at $8.4425 a bushel.
Soybeans for March touched the contract high of $16.4125 a bushel and ended up 33.50 cents at $16.35 a bushel.
Corn for March ended up 20.50 cents at $6.7475.
Grain markets have been sensitive to developments in Moscow’s standoff with the West over Ukraine, as the two countries account for a significant portion of the world’s wheat and corn export supply.
Traders are weighing the impact of new Western measures to thwart a new Russian incursion into Ukraine after Germany braked a new pipeline and Britain hit Russian banks with sanctions.
(Reporting by Karl Plume)
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