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Wheat rises for third day as attack on Russian port highlights supply risk

By Reuters News

CANBERRA, Nov 12 (Reuters) - Chicago wheat futures climbed for a third day on Thursday as hopes for an increase in grain exports from Russia and Ukraine were undermined by a Ukrainian attack on a Russian port and limited progress in peace talks between the two countries.

Corn and soybean futures were little changed after rising earlier in the week when the US Department of Agriculture tightened its US supply outlook.


FUNDAMENTALS

* The most-traded wheat contract on the Chicago Board of Trade (CBOT) was up 0.2% at $6.00-1/2 a bushel as of 0147 GMT.

* CBOT corn rose 0.2% to $4.48-3/4 a bushel and soybeans dipped 0.1% to $12.30 a bushel.

* All three contracts fell to multi-month lows earlier this month but have regained some ground in recent days.

* The wheat market remains focused on disruptions to Black Sea exports as Russian and Ukrainian attacks on shipping continue. Peace talks ended on Wednesday with an agreement on a prisoner exchange, but no breakthrough on halting attacks on maritime trade.

* Underlining the continued threat to grain supply, Ukraine said it was responsible for a drone strike on Russia's Baltic Sea port of Ust-Luga, one of several Baltic ports used heavily for Russian exports after Black Sea shipping was curtailed.

* Russia's grain exports have been running at around two-thirds of their normal volume since early July, forcing the world's biggest wheat shipper to ramp up grain storage.

* Funds have built up large short positions in wheat, pushing down prices, but they could be forced to abandon these bets if Black Sea exports remain shuttered for long enough to create real global shortages, analysts say.

* CBOT gains were capped by a stronger US dollar, which hovered near its highest since April 2025 on expectations of higher US interest rates. A stronger dollar makes US crops less competitive and can reduce demand for US exports. FRX/ .DXY


MARKETS NEWS

* Global stocks wobbled at the start of Asian trade on Thursday, while Nvidia NVDA.O shares plunged in after-hours trading on news that its board may oust longtime CEO Jensen Huang. MKTS/GLOB

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