* Attacks on Ukrainian ports brings war risk worry
* Corn rises on dry U.S. weather
* Big Brazilian supplies weaken soybeans
*
HAMBURG, March 18 (Reuters) -
Chicago wheat rose on Monday, recovering from last week's losses as Russia’s weekend attacks on Ukrainian ports supported prices.
Corn rose partly on worry about dryness in the U.S. while large Brazilian export supplies weakened soybeans.
Chicago Board of Trade most-active wheat rose 1.4% to $5.36-1/4 a bushel at 1146 GMT. Wheat fell 1.7% last week to around 3-1/2 year lows on plentiful world supplies and slack import demand.
Soybeans fell 0.4% to $11.92-3/4 a bushel while corn rose 0.2% to $4.37-3/4 a bushel.
Russian air attacks damaged agricultural enterprises and destroyed several industrial buildings in the Black Sea port of
Odesa
and the Black Sea port city of
Mykolaiv
was also hit.
“Wheat is being supported by the Russian attacks on Ukrainian port grain installations over the weekend,” said Matt Ammermann, StoneX commodity risk manager. “With recent news focus on the Gaza crisis, the market had almost forgotten about the war risk in Ukraine as both Ukrainian and Russian seaborne exports have flowed out in high volumes.”
“But following Ukraine’s attacks on Russian oil refineries last week, concern that Russia could undertake more intensive attacks on Ukrainian ports is returning.”
Corn futures are being supported by short covering, after confirmation of private sales of 125,000 metric tons of U.S. corn to unknown destinations.
“Corn is seeing support from dry weather in the U.S. Midwest which could delay plantings, but it is perhaps too early in the season for serious concern," Ammermann said. "U.S. export sales of corn reported on Friday continue to underpin.”
“Soybeans are slightly lower, with the market getting focused on big Brazilian supplies again with Brazilian export shipments likely to peak in April and May.”
Soybeans are also having difficulty breaking above the $12 a bushel level, he added. (Reporting by Michael Hogan in Hamburg, additional reporting by Naveen Thukral in Singapore; Editing by Subhranshu Sahu, Mrigank Dhaniwala and Chizu Nomiyama)
