Wheat futures at the Chicago Board of Trade CBOT?extended Friday's rally as traders monitored Black?Sea grain export disruptions in response to tit-fortat attacks. Corn and soybeans?also gained.

FUNDAMENTALS

* The Chicago Board of Trade's (CBOT) most traded wheat contract rose?0.1% at 0225 GMT to $7.61-1/4 a bushel. Corn gained 0.3%, to $5.35 per bushel. Soybeans rose 0.5% to $12.74-5/4 a Bushel.

So far this week, wheat has gained 9%. Corn has risen by 5.2%.

Wheat futures are at their highest level in three years, backed by reports that Russia could be targeting the centre of Kyiv as well as critical infrastructure across Ukraine.

As tensions escalate, global availability is now in doubt. In recent months, attacks have stopped almost all grain shipments via ports on the Black Sea or the Sea of Azov. These ports used to account 70% of Russian grain exports.

Farmers and market analysts in Russia expressed scepticism Thursday regarding'measures taken by the government to maintain grain exports. Some called for a reduction in the winter sowing areas to prevent a collapse of domestic prices.

Officials said that the planting campaign for Ukraine in 2027 is at risk, as farmers might not have the money to plant crops, after Russia's blockade on seaports severely curtailed exports.

Wheat exports to non-European countries will drop this season as a poor maize crop'requires that more wheat be used for domestic livestock feed,' said commodity analysis firm Argus Media on?Thursday.

The market is supported by the lower expectations for U.S. corn production in the coming harvest.

Corn prices have risen recently after a U.S. tour by an industry group found?subpar crop due to adverse weather conditions in the summer, with estimates that U.S. production for 2026 would be well below government predictions.

Chinese demand for American beans has?boosted soybean prices. Sinograin China, a state-owned?stockpiler of soybeans, held its fifth auction for the beans in less than one month on Wednesday. The goal was to free up storage space for U.S. cargoes.

(source: Reuters)