HAMBURG, Oct 9 (Reuters): Chicago wheat, corn and soybean futures rose on Monday on geo-political tensions as military clashes between Israel and the Palestinian Islamist group Hamas generated fears of a wider conflict in the Middle East.
Rises in corn and soybeans were limited by positive US harvest conditions.
Chicago Board of Trade most active wheat was up 1.7 per cent to $5.78 a bushel at 1117 GMT. Corn rose 0.6 per cent to $4.95-1/4 a bushel, soybeans rose 0.5 per cent to $12.73-1/2 a bushel.
Crude oil prices also surged on Monday.
"Wheat, corn and soybeans are seeing support from geo-political factors today because of the sudden fighting in the Middle East," said Matt Ammermann, StoneX commodity risk manager. "Conflicts in the Middle East generally mainly hit energy markets but we are seeing an impact on other commodities today."
"Wheat is also being underpinned by concern about harvests in the southern hemisphere, with Argentine wheat conditions declining."
"There were also weekend attacks by Russia on Ukrainian grain facilities, but the Ukrainians are looking remarkably resilient and recover quickly."
A Russian missile strike on Ukraine's Odesa region damaged port grain infrastructure, Ukrainian authorities said on Saturday.
"Rises in corn and soybeans are being limited by overall positive weather for US harvests," Ammermann said. "This week will see active harvesting for soybeans and corn across the U.S. Midwest, with weather forecasts overall showing no reason for concern."
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