By Kirk Maltais
-- Wheat for December delivery rose 3.3% to $5.78 1/4 a bushel on the Chicago Board of Trade on Thursday, with futures climbing in reaction to news throughout the day of Russian attacks on Ukrainian cities, and fears that vessels earmarked for carrying Ukrainian grain could be targeted.
-- Corn for December delivery rose 2.4% to $4.97 1/2 a bushel.
-- Soybeans for November delivery rose 0.6% to $12.80 3/4 a bushel.
HIGHLIGHTS
Fate of the Corridor: Russia hit Ukraine with a fresh attack overnight in a strike that Ukraine says killed more than 50 people in the eastern village of Hroza. The strike comes as Ukraine attempts to bring more ships to port cities in an effort to transport grain.
Wheat futures continue to be the contract that reacts most to developments out of the Black Sea.
Mine Rumor: Later Thursday, CBOT grain futures firmed on worries about ships heading to Ukrainian ports hitting sea mines planted by Russia. Earlier, warnings surfaced about Russia using mines to deter cargo ships from making runs to Ukrainian ports.
This afternoon, traders reacted to a rumor that one ship did hit a mine, said AgResource in a note.
INSIGHT
Big Bounce: Prices on some types of fertilizer have turned higher after easing overall for the past year, according to the latest report from agricultural research firm DTN, covering pricing through Sept. 29. Of the eight types of fertilizer prices DTN assesses, five of them are higher this week, including major types like anhydrous ammonia and urea.
Volatility in nitrogen costs is behind much of the choppiness as prices more than doubled from 2021 through 2022.
Higher input costs amid increasing inflation has created strains for U.S. farmers.
Exports Show Surge: Weekly corn export sales grew, but not as much as some analysts expected. Sales of corn in 2023-24 totaled 1.82 million tons in the week ended Sept. 28, which is up roughly 1 million tons from this time last week. New sales to Mexico accounted for 1.15 million tons. Analysts surveyed by The Wall Street Journal had expected corn exports to rise as high as 3.15 million tons.
Wheat sales totaled 273,100 tons, on the low end of analysts' expectations.
Soybean sales totaled 808,500 tons, at the high end of forecasts.
AHEAD
-- The CFTC is scheduled to release its weekly Commitments of Traders Report at 3:30 p.m. EDT Friday.
-- The USDA will be closed in observance of Columbus Day on Monday, and reopen on Tuesday.
-- The USDA is due to release its weekly grains export inspections report at 11 a.m. EDT Tuesday.
-- The USDA is scheduled to release its weekly crop progress report at 4 p.m. EDT Tuesday.
Write to Kirk Maltais at kirk.maltais@wsj.com
(END) Dow Jones Newswires
10-05-23 1554ET
