Chicago wheat rose 1% on Monday as reports of more Russian strikes on Ukrainian port infrastructure rekindled concern about war risks to Black Sea grain trade, encouraging investors to cover positions after an eight-week low last week.

Soybeans were also higher, breaking a run of six falling sessions, as the oilseed found further support in a crude oil rally and an easing dollar.

Corn tracked wheat and soybeans higher.

After ample global supply and doubts over Chinese demand pushed Chicago grains to multi-week lows in recent days, war headlines helped prices recover.

Russian forces hit port and energy infrastructure in Ukraine’s Odesa region, sparking a fire that burned 30 containers of flour and vegetable oil at the port of Pivdennyi, a senior Ukrainian official said on Monday.

Russia has increased attacks on the Odesa region on the Black Sea coast in recent weeks, disrupting Ukraine’s grain export logistics.

Crude oil, meanwhile, rose about 2% as U.S. action against Venezuelan oil shipments created supply worries along with developments in Russia’s war against Ukraine.

“There’s some short-covering taking place given the geopolitical risks,” a European trader said of wheat.

The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 1.3% at $5.16-1/4 per bushel at 1321 GMT.

Large wheat harvests in Argentina and Australia are nonetheless further swelling global supply, keeping prices in check.

The prospect of another bumper harvest in Brazil this season has hung over the soybean market, even as traders remained sceptical about the pace of Chinese purchases of U.S. beans under a bilateral trade truce.

“Chinese buying has largely been driven by the trade agreement between U.S. and China,” said one Singapore-based trader. “China’s demand for imported beans is limited as there are ample supplies in the domestic market.”

Brazil’s 2025/26 soybean production is expected to reach 180.4 million metric tons, agribusiness consultancy AgRural said on Monday, raising its forecast as harvesting got under way.

CBOT soybeans rose 0.6% to $10.65-1/2 a bushel, having hit an eight-week low on Friday. CBOT corn added 0.9% to $4.47-1/2 a bushel.
Source: Reuters