COM - Wheat futures rebound on heightened concerns over Black Sea supplies

Chicago wheat futures soared Tuesday after sliding in the previous session, as traders cited renewed fears about Black Sea supplies after Russia said it would attempt to formally annex captured areas of Ukraine, signaling no letup in the war that started seven months ago.

"There's also talk that President Putin may block a renewal of the Ukraine/Russia safe passage deal, set to expire in November," Terry Reilly, senior agriculture futures analyst at Futures International, told Reuters.

Corn and soybean futures followed wheat higher, supported by degraded crop conditions and a slower than expected harvest pace.

Wheat ( W_1:COM ) for December delivery on the Chicago Board of Trade closed +7.6% to $8.93 3/4 a bushel, while corn ( C_1:COM ) for December delivery ended +2% to $6.92 a bushel and November soybeans ( S_1:COM ) settled +1.2% to $14.78 3/4 a bushel.

ETFs: ( NYSEARCA: WEAT ), ( CORN ), ( SOYB ), ( DBO ), ( MOO )

The U.S. Department of Agriculture reported further declines in its latest weekly Crop Progress report, now seeing corn conditions at 52% good-to-excellent and soybeans at 55% good-to-excellent condition, both down a point.

The USDA also said 7% of the corn crop and 3% of the soybean crop have been harvested, compared with respective five-year average pace of 8% and 5% for this time of year.

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