US wheat up about 2pc as Black Sea war in focus

HAMBURG, Aug 7 (Reuters): Chicago wheat rose around 2 per cent on Monday as global supply concerns intensified, spurred by fears of an escalation of attacks on Black Sea shipping after a Ukrainian strike on a Russian tanker.

Chicago Board of Trade most-active wheat was up 1.9 per cent to $6.45 a bushel at 1105 GMT. Soybeans fell 1.8 per cent to $13.09-1/2 a bushel, and corn fell 0.1 per cent to $4.96-3/4 a bushel.

"Wheat is being supported by increased risks from the Black Sea war with the Ukrainian attack on a Russian merchant ship over the weekend following the attack on Novorossiysk on Friday," said Matt Ammermann, StoneX commodity risk manager.

"Concern is that the conflict could be moving to a new level, as attacks on Russian merchant ships could cut its grain exports, forcing demand to be met by other regions, especially the EU."

"But the wheat price rises today are relatively moderate considering the enormous implications of strikes on Russian ships."