Two key agricultural commodities advanced on Thursday amid concerns about slimmed down exports from Ukraine, prompting buyers to divert business dollars toward other sources, according to Bloomberg.
Corn futures marked a third consecutive trading session of gains while wheat futures continued their upward drive, an increase of 24 percent since marking lows in January. Ukraine, whose Crimea region is in dispute with Russia after its prime minister was ousted last month, is the globe's third-largest shipper of corn and sixth-largest exporter of wheat.
"Grain traders are still focusing their attention on developments in Crimea," states a note authored by analyst Carsten Fritsch with Commerzbank AG in Frankfurt, according to Bloomberg. "In the event of a yes vote, shipment problems could be the result."
At 8:44 am. on Thursday, corn futures edged up 0.05 percent, a 0.0025-cent lift to $4.8875 per bushel. Wheat futures advanced 0.48 percent, a 0.0325-cent rise to $6.87 per bushel.
Reuters reports the Ministry of Agriculture of Japan acquired nearly 127,000 tons of wheat from the U.S., Canada and Australia on Thursday. The Pacific Rim nation is the globe's sixth-largest importer of the grain.
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