Chicago wheat rose on Friday and is expected to gain more than 6% in the coming week. This was due to a Russian hypersonic missile being launched at a Ukrainian town, which raised concerns about possible disruptions of exports.

As of 0355 GMT, the most active wheat contract on Chicago Board of Trade was up 0.09% to $5.70-4/8 per bushel.

Futures for soybeans rose 0.18% to $9.80 per bushel. However, the outlook for increasing global supplies has set them on a course for a weekly decline of 1.9%. Corn rose 0.11%, to $4.37 per bushel.

Bergman Grains Research stated in a report that "the (wheat) supply held by major exporters Russia, France, and Ukraine is much smaller than what the world had become accustomed to in recent years. The two main exporters of the Black Sea area, Russia, and Ukraine remain at war, with tensions increasing again."

Russia has escalated the 33-month war by firing a hypersonic ballistic missile with intermediate range at Dnipro, in response to the U.S. allowing Kyiv's use of advanced Western weapons to attack Russian territory.

The International Grains Council has reduced its forecast of global wheat production for 2024/25 by 2 million metric tones, to 796 millions tons. This is due in part to a lowered outlook for the European Union.

In its preliminary results, the Agriculture and Horticulture Development Board stated that the UK wheat area is expected to increase by 5% for the 2025 harvest, while the rapeseed plantings are predicted to fall by 17%, to a 42 year low.

The U.S. Department of Agriculture has confirmed the private sale of 198,000 metric tons of U.S. soya beans to China, and another 135,000 to unknown destinations. All of these sales are for delivery during the 2024/25 year of marketing.

According to the Buenos Aires Grain Exchange, Argentina's soybean planting for 2024/25 has progressed 16 percentage points over the last week. It now accounts for 35.8% out of the 18,6 million hectares planned for the season.

The Brazilian agriculture ministry announced on Wednesday that China has granted Brazil permission for exports of sorghum and fresh grapes to Chinese buyers.

Traders reported that commodity funds sold futures contracts on the Chicago Board of Trade for soybean, soymeal and soyoil as well as corn, wheat, and corn oil.

(source: Reuters)