Soybeans rose on stronger crude oil and vegetable oil markets, as well as concerns following the escalation in the Black Sea. Soybeans gained 8 cents and closed at $13.33-1/4 per bushel, but declined by 3.71% over the week. The price of Brent crude oil increased to $86.

Wheat in Chicago also rose on Friday after a Ukrainian drone attack near a Russian export hub in the Black Sea, which raised concerns about global supply again.

Prices received an additional boost after comments from India’s Minister of Food, Sanjeev Chopra, who stated that the country is considering reducing or canceling import duties on wheat.

While Chopra rejected reports of India planning a deal to import Russian wheat, his comments heightened the market’s expectation that the country would import wheat to lower domestic prices.

“Without tax, Indian imports will be calculated, so this will attract flows,” said a European trader, as reported by Reuters.

Corn followed wheat’s upward movement.

The most active Chicago Board of Trade (CBOT) wheat advanced by 6 cents to $6.33 per bushel after rising to $6.53-3/4 overnight. Wheat futures ended the week down by 9.83%, marking the largest weekly decline since the week ending June 30.

CBOT corn quotes strengthened by 3-3/4 cents, closing at $4.97-1/4 per bushel. The contract declined by 6.18% over the week.

The rise in the corn and soybean markets due to global supply uncertainties was limited by weather forecasts (improved weather conditions for US planting) and uncertain demand.

Media sources suggest that Brazilian ports are shifting from soybean loading to corn loading, as the second crop corn harvest increases and generates significant volumes that need to be moved.