The conflict is rippling through the agriculture sector. Some of the top crop traders such as Bunge Ltd. have been forced to shut down in the region, while Egypt — the world’s biggest wheat importer — canceled its tender Thursday after drawing a lone offer of French grain.
Benchmark wheat in Chicago was 1.7% higher at $9.5025 a bushel at 9:28 a.m. Singapore time. Corn rose 1.2% to $6.9825 a bushel, and soybeans were 0.8% higher.
In addition to the Russia-Ukraine crisis, drought in South America has parched harvest areas and dimmed the outlook for soybean supplies. Palm oil, which is used in thousands of products from cookies to shampoo, is on a record-breaking run as a labor shortage crimps output in major producer Malaysia.
Bunge suspended operations at two oilseed processing facilities in Ukraine and closed its local offices due to military action in the country, according to an emailed statement. Archer-Daniels-Midland Co. closed an oilseed crushing plant in Chornomorsk, a grain terminal in the port of Odessa, six silos and its trading office in Kyiv.