PARIS/SINGAPORE - Chicago wheat, corn and soybeans were higher on Friday, steadying after a day-earlier slide as investors braced for U.S. jobs data to be the latest gauge of recession risks, while traders assessed risks to Black Sea grain supply.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 1.4% at $8.91-1/2 a bushel by 1152 GMT, recovering from a one-week low on Thursday. CBOT corn ticked up 0.4% to $6.78-1/4 a bushel after reaching a one-week trough earlier on Friday.
Soybeans added 0.2% as they consolidated above a 2-1/2 month low struck in the previous session. Remarks by U.S. President Joe Biden about a recent nuclear weapons warning by Russia over the war in Ukraine, and adverse growing conditions in Ukraine and Russia, put attention back on risks to crucial Black Sea supplies.
Wheat prices have been curbed since the summer by increasing volumes shipped from Ukraine through the Black Sea corridor.
"As long as uncertainty remains over whether the sea corridor for grains exports that was negotiated with Russia will be extended beyond November, concerns about supply are likely to persist," Commerzbank analysts said.
Financial markets are gearing up for monthly U.S. employment data that could influence the scope of further interest rate rises and the chances of an economic recession.
Corn and soybean markets have been pressured this week by favourable weather for the U.S. harvest and expectations of bumper crops in rival exporter Brazil. Uncertainty over Chinese demand was also hanging over the soybean market.
China's soybean imports are likely to drop to their lowest in more than two years this month, according to two traders and Ole Houe, director of advisory services at agriculture brokerage IKON Commodities in Sydney.
(Reporting by Naveen Thukral; Editing by Savio D'Souza and Mark Potter)