The most active wheat contract on the Chicago Grain Exchange rose 5.5% at $907-1/4 a bushel, after gaining 8% to $9.34-3/4. On Friday, wheat hit $9.60-3/4, its highest level since the summer of 2008.
European Euronext wheat futures were also up around 6% in early trading on Monday.
Corn, meanwhile, increased by 3.5% at $6.79-1/4 per bushel and soybean grew by 2.6% at $16.26-1/4 a bushel.
“There are fears that the fighting may not end quickly and Ukraine’s export shipments of wheat, grains and oilseeds will be disrupted for a longer period than initially expected,” a European trader said.
“The impact of the sanctions on Russia is also being assessed. Importers will have to move elsewhere at a time of fairly tight global supplies.”
operators said that Most Ukrainian and Russian ports on the Black Sea and Sea of Azov remained closed on Monday, although Russia’s large grain export terminal Novorossiysk is operational..
In the metals market, fears of supply disruptions also pushed aluminum prices on the London Metal Exchange to an all-time high and nickel higher. Russia produces about 6% of the world’s aluminum and accounts for about 7% of the world’s supply of nickel from mines.
Aluminum on the London Metal Exchange hit a record high of $3,525 a tonne and nickel rose 1% to $24,615 a tonne, after rising 3% in the session.
Source: Ambito
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