CHICAGO, Feb 10 (Reuters) - U.S. wheat futures rallied on Friday, supported by concerns the grain deal allowing for Russian and Ukraine exports from Black Sea ports could splinter amid escalations in the nearly year-long war between the two countries, traders said.
Corn and soybean futures also were strong, following the gains in wheat.
The rise in wheat pushed prices for the most-active Chicago Board of Trade soft red winter wheat contract to its highest on a continuous basis since Jan. 3.
"Wheat has been the leader this morning linked to increased tension in Ukraine, which could slow the Ukrainian exports and the planting for the 2023 crop and it could also lead to increased sanctions against Russia," said Mark Polowy, senior account executive at Archer Financial Services.
At 11:03 a.m. CST (1703 GMT), CBOT March soft red winter wheat futures were up 23-1/2 cents at $7.80-3/4 a bushel.
Ukraine's agriculture ministry has proposed
increasing the minimal tonnage
of ships which carry grain and vegetable oil from the country via a grain corridor, aiming to boost exports despite opposition from Russia.
Russia's ambassador to the United Nations said Moscow has not been able to
export any grain
as part of the Black Sea grain deal.
CBOT March soybean futures gained 11 cents to $15.30-1/4 a bushel and CBOT March corn futures were 6-3/4 cents higher at $6.77-1/2 a bushel.
Corn and soybean traders were monitoring forecasts projecting rain in Argentina in the coming days, though showers may miss some drought-stricken crop belts.
Expectations of a record soybean crop in Brazil have tempered worries over Argentine losses but heavy rains there threatened to delay the harvest and push seeding of the country's safrinha corn crop beyond the ideal time frame. (Additional reporting by Gus Trompiz in Paris and Enrico Dela Cruz in Manila; Editing by Subhranshu Sahu, Jan Harvey and Chris Reese)
