(Bloomberg) -- Corn extended a rally to a decade high as investors weighed threats to supplies from the war in Ukraine and prospects that it will buttress demand for the U.S. crop. 

Russia’s invasion of Ukraine has spurred tumult for global grains trade, stalling crop flows from Ukrainian ports and disrupting the outlook for spring plantings. That will boost importers’ reliance on supplies out of the U.S., where the 2022 planting season is underway. About 2% of the U.S. corn crop is in the ground. 

Corn futures for July rose as much as 0.8% to $7.90 a bushel in Chicago, the highest since September 2012 for a most-active contract. Prices are set for a fourth consecutive gain, the longest streak since Russia’s invasion of Ukraine began in late February. The market was closed Friday for a holiday. 

Wheat advanced as much as 2.2% to $11.28 1/2 a bushel as traders assessed the latest developments in Ukraine. After weeks of fighting, defenders of Mariupol were encircled by Russian forces but have not surrendered the crucial port city, Ukrainian officials said. Russia and Ukraine together account for over a quarter of the world’s trade in wheat and about a fifth of corn sales.

The war has created opportunities for India to ship more wheat. Top buyer Egypt, which greatly depended on Black Sea grain, has approved India as an origin for wheat imports. The South Asian nation is targeting to ship 3 million tons to Egypt this year, according to India’s commerce ministry. 

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