By Mark Weinraub
CHICAGO, US, March 21 (Reuters) – U.S. wheat and corn futures rose on Monday as exports from the Black Sea region will continue to be disrupted this week due to fighting in Ukraine, traders said.
* Soybean futures also included rose sharply in line with a rise in oil, which stems from sanctions related to the conflict between Russia and Ukraine.
* The Chicago Stock Exchange’s benchmark soft red winter wheat contract jumped the most, up 7.6%, probably touching the 85-cent-a-bushel daily upside limit.
* Traders also highlighted mutual fund buying after all three commodities posted losses last week. Corn’s decline snapped a streak of five consecutive weekly gains.
* “Money had flown out of agricultural commodities at times last week as news of progress in peace talks fueled the prospect of a resolution,” said Arlan Suderman, chief commodity economist at brokerage StoneX. , in a note to customers.
* “But Wall Street is more skeptical of a peace agreement today, which gives reason to reinstate the risk premium in both the energy market and agriculture,” he added.
* By 1600 GMT, May wheat was up 82.25 cents at $11.46 a bushel.
* The World Food Program said Ukraine’s food supply chains were collapsing as infrastructure was destroyed.
* May corn was up 18.75 cents at $7.6050 a bushel and May soybeans were up 31.5 cents at $16.9950 a bushel.
* The US Department of Agriculture said Monday that weekly corn export inspections were 1.466 million tons, up 28% from the previous week. Analyst forecasts for the weekly total ranged from 1.14 million to 1.6 million.
* Wheat export inspection increased to 330,632 tons, compared to 307,218, in line with market forecasts. Soybean export inspections fell to 544,986 tons from 796,785 tons, also in line with expectations.
(Reporting by Mark Weinraub in Chicago; Additional reporting by Michael Hogan in Hamburg and Naveen Thukral in Singapore; Editing in Spanish by Javier López de Lérida)