US wheat and corn futures rose on Monday after information that a key port for Ukrainian exports is unable to ship, prompting fears of grain supply shortages, traders reported.
Soybean futures fell after rains in Argentina eased worries about crop failures in this key exporting country.
WH3 March wheat futures on the Chicago Mercantile Exchange were up 20 1/2 cents at $7,54 3/4 a bushel. CBOT corn with CH3 delivery in March rose 10 cents to $6,54 a bushel.
January CBOT SF3 soybean prices fell 23 1/4 cents to $14,60 1/2 a bushel.
Soybean futures neared a three-month high on Friday, thanks to rising exports to China, the world's largest buyer of oil crops. But investor sentiment has cooled as China faces a rising number of infections as it lifts COVID-19 restrictions.
The export controls for Soybeans amounted to 1,840 million tons. That's down from 2,080 million the week before and in line with trade forecasts.
South America saw significant rainfall over the weekend for parts of Argentina's drought-hit farmers, while in Brazil forecasts pointed to plenty of rain for the coming week.
Source: UkrAgroConsult (Ukraine)