Geopolitical concerns boosted wheat futures on Monday, while both corn and soybeans posted gains as well.
Wheat moved higher after US President Joe Biden said over the weekend he would allow Ukraine to fire American-supplied missiles into Russian territory. The move could increase tensions in the Black Sea region and potentially impact grain shipments from that part of the world, some analysts said. Short covering also underpinned wheat. December Chicago wheat gained 10 ¾ cents to $5.47 ¼, December Kansas City was 15 ¼ cents higher at $5.55 ¼, and December Minneapolis was up 12 ¾ cents at $5.85.
Soybeans were under pressure most of the day on good weather for the Brazil soybean crop but ended with double-digit gains on late short covering. January was up 11 ¼ cents at $10.09 ¾, and March climbed 10 ¼ cents to $10.19.
Corn moved higher on the advances in wheat and some short covering. December corn gained 5 ¼ cents to $4.29 ¼, and March was 4 ½ cents higher at $4.39 ¾.
