PARIS/BEIJING, Nov 19 (Reuters): Chicago wheat futures rose for a third session in a row on Tuesday, supported by concerns of an escalating war in the Black Sea breadbasket region, following the White House's move to lift curbs on Ukraine using U.S missiles to strike Russian territory.
The most-active wheat contract on the Chicago Board of Trade was up 0.75% to $5.70 a bushel at 1200 GMT.
"US President Joe Biden's decision to allow Ukraine to use longer-range US missiles to launch strikes deep into Russian territory has increased uncertainty about the availability of wheat from Ukraine and Russia," Commerzbank said in a note.
Ukraine plans to conduct its first long-range attacks in the coming days, sources said.
Ukraine's wheat harvest may increase to up to 25 million metric tons next year from an expected 22 million tons this year thanks to a larger sowing area, first deputy agriculture minister Taras Vysotskiy told Reuters in the ministry's first official forecast for next year's harvest.
Ukraine harvested 22 million tons of wheat in 2024 versus average harvests of 25-28 million tons before the war.
The US soybean contract was down 0.3% at $10.06-1/2 a bushel after a two-day rise as the US dollar handed back some recent gains and expectations of a large South American harvest weighed on the market.
Corn was up 0.3% to $4.30-1/2 a bushel.
Brazil's soybean planting for the 2024-25 season reached 80% of the total expected area as of last Thursday, agribusiness consultancy AgRural said, up from 67% the previous week and 68% a year earlier.
The country will announce farm agreements with its biggest trade partner China on Wednesday ahead of scheduled meetings with Chinese President Xi Jinping, Brazil's agriculture minister said, adding the deals would potentially cover fruit, beef and pork.
Commodity funds were net buyers of CBOT corn, soybean, soyoil, soymeal and wheat futures contracts on Monday, traders said.
