Wheat rises in Chicago on fueled by Black Sea supply concerns

By Christopher Walljasper

CHICAGOSep 20 – Wheat futures on the Chicago Stock Exchange rose on Tuesday after falling in the previous session, supported by renewed fears about supplies from the Black Sea, according to traders.

* Soybeans and corn also advanced, supported by slower-than-expected progress in the US harvest.

* The most traded wheat contract on the Chicago Stock Exchange (CBOT) was up 47.5 cents at $8.78 a bushel at 1,609 GMTon track for his biggest daily gain since July 8.

* Soybeans added 22.75 cents to $14.84 a bushel, while corn gained 13 cents to $6.9125 a bushel, after rising to $6.9325, its highest price since September 13.

* Concerns about Black Sea shipping soared after Russian-installed leaders in occupied parts of four Ukrainian regions set out plans to hold referendums on joining Russia this week, a move Ukraine dismissed as Russian maneuvering. following recent crushing losses on the battlefield.

* “There is also talk that President (Vladimir) Putin could block a renewal of the safe passage agreement between Ukraine and Russia, which expires in November,” said Terry Reilly, principal analyst for agricultural futures at Futures International, referring to the leader. Russian.

* Corn and soybean futures followed wheat higher, supported by deteriorating crop conditions and a slower than expected harvest pace.

* The US corn harvest was 7% complete as of Sunday, the Agriculture Department said (USDA) after the market close on Monday, down from a median estimate of 10% in a Reuters poll.

* The US soybean harvest was 3% complete, below estimates of 5%. Soybean and corn crop condition ratings were downgraded, the USDA.

* The slow pace of Chinese imports and rising export sales by Argentina dampened the mood for US soybean exports.

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