CBOT wheat futures closed up more than 3% on Friday, as the prolonged Russia-Ukraine war raised concerns that global wheat supply will shrink. September wheat rose 22 cents, or 3.37%, to settle at 6.7475 dollars per bushel. December corn gained 11.25 cents, or 2.38%, to 4.8325 dollars per bushel, while November soybeans added 10.25 cents, or 0.86%, to 11.9250 dollars per bushel. Analysts at Blue Line Futures said traders are building a larger risk premium into wheat prices because Russia and Ukraine together account for more than a quarter of global wheat exports, and most of those shipments move through Black Sea ports. The US Department of Agriculture also lowered its forecast for US wheat production in the WASDE report. Soybean futures were supported by news that China bought an additional 136,000 metric tons of US soybeans, and by oil prices rising more than 1% after reports of an attack on an oil tanker in the Strait of Hormuz.
