Wheat Futures Jump as Ukraine Tensions Rise

Renewed Russian attacks on Ukraine and rising crude oil prices have brought geopolitical risk back into the grain market, causing wheat futures to jump. The December Chicago soft red winter wheat gained 13 cents to $7.47 per bushel, while Kansas City hard red winter wheat climbed 16.75 cents to $8.19.

Soybeans also finished higher, but corn moved in the opposite direction, with December corn settling at $5.3350 after trading above $5.40 earlier in the session.

The price action suggests traders were differentiating between the geopolitical premium supporting wheat and technical buying in soybeans.