Chicago wheat futures reached a three-year-high on?Thursday. This extended the previous session's limit up rally as fears about a prolonged disruption to the Black?Sea grains trade were fueled by reports that Russia?may increase its strikes against Ukraine.

After reaching multi-year highs Wednesday, when it tracked the rise in wheat, corn eased due to a?profit taking. Soybeans reached new life-of contract highs due to strong demand and the support of rising crude oil futures.

The Chicago Board of Trade's most traded wheat contract finished 12 1/2 cents higher at $7.60-3/4 a bushel.

The benchmark index rose to $7.67-1/2 on Wednesday, the highest level it has reached since July 2023.

Bloomberg News reported that Russia is considering increasing?ballistic-missile strikes on Ukraine, after concluding the efforts to negotiate a peaceful deal have failed.

This came after titt-for-tat attacks had already virtually halted grain loadings in Russian and Ukrainian Black Sea Ports. The damage caused by the heat and drought to wheat crops in 'France and the U.S. Plains set the stage for a market rally before the latest developments of Russia's war against Ukraine.

Jon Marcus, the principal owner of Lakefront Futures, said, "This match lit the fire but it had been smoldering a long time."

According to shipping data, and traders, the two vessels that are scheduled to arrive in France to load wheat bound for Egypt is the latest indication of importers looking for other origins at a time when Russian and Ukrainian exports are usually at their peak.

In the first half 2026, Egypt, which is the largest wheat importer in the world, imported more than 80% its wheat?imports primarily from Russia and Ukraine.

CBOT corn ended 3 cents lower at $5.33-1/2 per bushel. Soybeans settled 2 cents higher, at $12.68. After a rally on Wednesday, corn and soybean futures experienced a profit-taking round on Thursday.

Corn prices have been supported by lower expectations of U.S. corn yields for the next harvest.

A surge in Chinese demand has supported soybean prices. The rise in crude futures has also supported soybean futures, as the oilseeds are 'commonly used for biofuel.

Marcus stated that "Pullbacks?are going be short lived and buyers are on the sidelines." Hether Schlitz reported from Chicago, Gus Trompiz contributed additional reporting in Paris, Daphne Zhang in Beijing and Lewis Jackson. Rashmia Aich and Matthew Lewis edited the article.

(source: Reuters)