By Kirk Maltais


--Wheat for March delivery rose 4.2%, to $7.89 a bushel on the Chicago Board of Trade on Friday, responding to fresh attacks on Ukraine by Russia as a potential source of disruption for world wheat exports.

--Soybeans for March delivery rose 1.6% to $15.43 1/2 a bushel.

--Corn for March delivery rose 1.5% to $6.81 1/2 a bushel.


HIGHLIGHTS


Inflaming Tensions: Wheat futures led trading on the CBOT Friday, taking cues from Russia's increased missile strikes hitting various Ukraine cities. "Russia's 'special operation' escalated in Ukraine with fresh attacks, including Kyiv," said Terry Reilly of Futures International in a note. "This is underpinning U.S. wheat futures." Moldova says that Russian missiles briefly crossed into its airspace before re-entering Ukraine, heightening concerns about violence spilling into other nations.

Parched Outlook: Friday's momentum also came from Argentina's weather outlook. The country's crops have been plagued by drought, making further occurrences of dry weather there aggravating to the condition of the country's corn and soybean crops. "Argentina weather is hotter and drier in the latest models," said Craig Turner of StoneX in a note. "The hot-and-dry conditions are not what Argentina farmers need right now. There is upside risk for the next 10 days as further yield loss is a significant possibility."


INSIGHT


Black Sea Worries: With the Black Sea export corridor deal expiring next month, Russia is raising its issues with the deal - another factor ratcheting up tensions. "Russia continues to argue that Ukraine exported grain is not flowing to needy countries, but western nations like the EU," said AgResource in a note. When the export deal last had to be renewed in November, Russia was seen as trying to weaponize the process as part of its war effort.

Source of Frustration: Delays in the CFTC's release of its Commitment of Traders report - with the report failing to be released last week and delayed again Friday - are frustrating grain traders, says independent trader Dan Norcini. Mr. Norcini tells the WSJ that while major selling due to uncertainty surrounding trader positioning has been displaced by concerns about Russia's heightened aggression against Ukraine, that may change quickly. "When those markets do finally turn however, it is going to be extremely ugly," he said.


AHEAD


-The USDA will release its weekly grains export inspections report at 11 a.m. ET Monday.

-Andersons Inc. will release its fourth-quarter earnings report at 4 p.m. ET Tuesday.

-Kraft Heinz Co. will release its fourth-quarter earnings report at 7 a.m. ET Wednesday.

-Nutrien Ltd. will release its fourth-quarter earnings report at 7 a.m. ET Wednesday.

-The EIA will release its weekly ethanol production and stocks report at 10:30 a.m. ET Wednesday.


Write to Kirk Maltais at kirk.maltais@wsj.com

(END) Dow Jones Newswires

02-10-23 1535ET