Chicago wheat and corn futures rose on Wednesday on strong demand and uncertainty over the extension of a Black Sea grain export deal as the deadline approaches, while soybeans fell.
Soybeans, meanwhile, continued to slide on stock and oil markets after the biggest investor in Credit Suisse said it could not provide the Swiss bank with any more financial support, and as harvesting of a huge crop in Brazil.
The most active Chicago Stock Exchange (CBOT) wheat contract rose 0.78% to $7,041 a bushel, after earlier hitting $7.06, the highest level since March 6.
Corn gained 0.81% to $6.25 a bushel, while soybeans fell 0.4% to $14.88 a bushel.
Farmers in Brazil, the world’s largest soybean exporter, have harvested more than half of what is anticipated to be a record crop, analysts say.
“They have a lot of soybeans to get rid of,” said Jack Scoville, an analyst at Price Futures Group.
Talks continued to extend the deal to allow grain shipments from Ukraine’s Black Sea ports before a deadline later this week, after Kiev rejected a Russian offer for a reduced 60-day renewal.
Turkey said it would continue talks to extend the deal for 120 days.
