Chicago wheat rises as expectations of more Russian exports fade

HAMBURG, Nov 2 (Reuters) - Chicago wheat futures rose on Monday after falling to around four-month lows last week, as continued attacks by Russia and Ukraine eroded expectations of a new deal to revive Russian Black Sea shipborne wheat exports.

Corn rose after declines last week attracted buying.

Chicago Board of Trade most-active wheat was up 0.4% at $6.06-1/4 a bushel by 1249 GMT. Corn rose 0.8% to $4.51-1/2 a bushel, while soybeans fell 0.2% to $12.31-3/4 a bushel.

Russian and Ukrainian wheat shipments through ports in the Azov-Black Sea region have been at a virtual standstill since August after attacks on vessels and ports.

Reports last week that Russia had issued permits for vessels carrying grain to leave the Sea of Azov for the first time since July raised hopes some arrangement was in the pipeline to resume Russian and Ukrainian shipborne exports.

“Despite the hopes of some form of safe shipping deal in the Black Sea, attacks by Russia and Ukraine continue and real signs of a new shipping deal are absent,” said Matt Ammermann, commodity risk manager at StoneX. “This is supporting wheat, but the rise is moderate.”

“The market is anticipating some form of deal. Meanwhile, Russian and Ukrainian wheat exports have reached around half normal volumes from alternative routes despite the Black Sea disruption which is providing supplies to importers.”

Corn is receiving purchase interest after recent falls, he said.

“Corn seems to have reached a fair value for those who need it such as ethanol producers or for export.”

“Soybeans are down slightly as the US harvest is finishing and large supplies are available from farmers. Falling crude oil today is also weakening soy. Attention is also turning to the weather for Brazil’s new crop, with plantings finishing and no serious indications of crop stress so far."