CANBERRA- Chicago wheat futures dipped on Tuesday as export prices in major supplier Russia fell further, although a decline in the size of shipments from the country cemented expectations that supply will tighten in the coming months.
Corn and soybean prices also dipped amid rising supply from the ongoing US harvest and record crops in top exporter Brazil.
Abundant cheap grain flowing from Russia is keeping prices low and a significant change will be needed for the market to shift, said Andrew Whitelaw at Australian agricultural consultancy Episode 3.
“All that matters is what is happening in the Black Sea,” he said.
The most-active Chicago Board of Trade (CBOT) wheat futures were down 1.1 percent at $5.66-3/4 a bushel, near last month’s three-year low of $5.40.
CBOT corn fell 0.4 percent to $4.86-1/2 a bushel and soybeans were 0.5 percent lower at $12.57-3/4 a bushel.
