US wheat futures rose on Monday on fears Russia would invade Ukraine and disrupt grain shipments from the region, according to traders.
Soybean futures weakened on the Chicago Stock Exchange, while corn was little changed after hitting a seven-month high.
Wheat traders keep their eyes on Russia because it is the world’s leading exporter, while Ukraine is expected to be fourth.
A disruption to the flow of grain out of the Black Sea region could add fuel to food inflation and slow shipments to places like the Middle East, analysts said.
“Traders are adding a risk premium to the threat of armed conflict between Russia and Ukraine,” brokerage CHS Hedging said.
The most active wheat contract on the Chicago Board of Trade rose 13 cents to $7.93 a bushel. Last week the price rose to a high of $8.0275, the highest level since the end of December.
Corn fell 0.25 cent to $6.16 a bushel, having earlier traded at $6.1950, its highest price since June.
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