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US wheat, corn futures rise after temporary closure of Ukraine port

FILE PHOTO: A worker carries a sack of wheat for sifting at a grain mill on the outskirts of Ahmedabad, India, May 16, 2022. REUTERS/Amit Dave
FILE PHOTO: A worker carries a sack of wheat for sifting at a grain mill on the outskirts of Ahmedabad, India, May 16, 2022. REUTERS/Amit Dave

By Mark Weinraub

CHICAGO, Dec. 12 (Reuters) – U.S. wheat and corn futures rose on Monday after an attack at the weekend, which temporarily closed a key port for Ukrainian exports, raised concerns over potential disruptions to trade. grain shipments, traders said.

* Soybean futures, meanwhile, fell after rains in Argentina eased concerns about crop shortages in the exporting country.

* News that the Ukrainian port of Odessa suspended operations on Sunday after Russian attacks on its power supply again drew attention to the risks to wartime grain shipments. The terminal resumed activity on Monday.

* Traders also noted short covering in grains after a series of declines pushed wheat to its lowest level since October 2021 and corn to a 3-1/2-month low last week.

Chicago Stock Exchange March wheat futures were up 25 cents at $7.5925 a bushel by 1657 GMT. Corn for March delivery was up 10.25 cents at $6.5425 a bushel.

* Meanwhile, January soybeans fell 18.50 cents to $14.6525 per bushel.

* Soybean futures neared a three-month high on Friday, with gains sparked by strong exports to China, the world’s biggest buyer of oilseeds. But investor confidence cooled as China faced a surge in infections as it rolled back COVID-19 restrictions.

* In South America, part of Argentina’s drought-affected agricultural belt received significant rains over the weekend, while in Brazil forecasts were for abundant rainfall over the next week.

(Additional reporting by Gus Trompiz in Paris and Mayank Bhardwaj New Delhi; Editing in Spanish by Manuel Farías)

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