Wheat futures rise amid Russia-Ukraine tensions

Corn futures mostly higher but US export pace seen slowing

CHICAGO, – Chicago Board of Trade soybean futures climbed to a one-week high on Thursday on optimism about the U.S. trade relationship with China, the world’s largest soybean buyer, after leaders of the two countries spoke by phone for more than an hour.

Wheat futures firmed on short-covering and rising tensions between major grain suppliers Russia and Ukraine. Corn futures were mostly higher but a slowing U.S. export pace capped gains in the most-active July contract.

As of 12:58 p.m. CDT , CBOT July soybeans were up 9 cents at $10.54 per bushel after rising to $10.56-3/4, the contract’s highest since May 28. July corn was up 3/4 cent at $4.39-1/2 per bushel and July wheat was up 2-3/4 cents at $5.46 a bushel.

Soybeans drew support on news that U.S. President Donald Trump and Chinese leader Xi Jinping held a rare leader-to-leader call. Trump said on social media that the talks, which focused primarily on trade, led to “a very positive conclusion,” announcing further lower-level U.S.-China discussions.

“The two leaders finally got together. The trade is hoping it will give us some soybean business,” said Tom Fritz, a partner with EFG Group in Chicago.

Others noted support from outlooks for warmer and drier weather in mid-June that could stress developing U.S. crops.

Corn futures were mostly higher but gains in the benchmark July contract, representing last year’s U.S. harvest, trailed those in the December contract, which reflects the 2025 U.S. harvest.

Some brokers said demand for “old-crop” U.S. corn is cooling, with the harvest of Brazil’s big second-season corn crop about to begin. The U.S. Department of Agriculture reported weekly export sales of U.S. old-crop corn in the latest week at 942,300 metric tons, in line with trade expectations, but down 31% from the prior four-week average.

Wheat futures firmed as traders monitored developments in the Black Sea region, where Ukraine has stepped up attacks on Russian targets. The moves prompted Russian President Vladimir Putin to tell Trump that Moscow would have to respond, escalating worries over grain supplies.

This article was generated from an automated news agency feed without modifications to text.