U.S. corn, wheat and soybean futures rose on Tuesday on concerns that the conflict between Russia and Ukraine will persist and disrupt Black Sea grain exports, and expectations of rising demand for biofuels, analysts said.
Chicago May corn futures rose 11.75 cents to $7.7625 a bushel, after hitting $7.79, the contract’s highest level since March 7.
May wheat rose 22.5 cents to $11.0375 a bushel and soybeans for the same month ended up 15 cents at $16.7025 a bushel.
Corn planting is getting off to a slow start in the Midwest. The US Department of Agriculture said Monday that the local corn crop was 2 percent planted.