SINGAPORE- Chicago wheat slid for a third consecutive session on Wednesday, trading near a five-week low with expectations of higher Black Sea supplies and improved US weather weighing on the market.
Soybeans gained more ground, while corn edged lower.
“There is improved weather outlook for US winter wheat crop,” said one Australia-based analyst. “At the same time there is growing optimism that the Black Sea export corridor will be expended.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) fell 0.2 percent to $8.33 a bushel, after touching its lowest since Sept. 20 at $8.26-3/4 a bushel on Tuesday.
Soybeans added 0.3 percent to $13.95-1/2 a bushel and corn lost 0.1 percent to $6.85-1/2 a bushel.
Sluggish US wheat exports and competitive prices for Russian and Ukrainian supplies have loomed over wheat markets, offsetting worries that a United Nations-backed shipping corridor from Ukraine may not be extended beyond November.
Ukraine’s exports of agricultural products could rise more than 8 percent in October from last month, the Ukrainian Agrarian Council said on Tuesday.
