SINGAPORE- Chicago wheat slid for the first time in four sessions on Monday, although the downside in prices was limited on slowing grain exports from Ukraine amid uncertainty over the extension of the Black Sea export deal.
Corn and soybeans lost ground ahead of a weekly planting progress report due to be issued by the U.S. Department of Agriculture.
“The weather forecast looks a bit bearish but the market is extremely oversold and Russia is still not satisfied how the Russian agriculture exports are represented in the Black Sea grain deal,” commodities research firm Hightower said in a report.
The most-active wheat contract on the Chicago Board of Trade (CBOT) gave up 0.3 percent at $6.58 a bushel, after hitting a two-week high of $6.64 a bushel in the previous session.
Corn fell 0.2 percent to $5.95-1/4 a bushel and soybeans lost 0.1 percent to 14.35-1/2 a bushel.
Russia is still not satisfied with how the issue of Russian agricultural exports as part of the Black Sea grain deal is being resolved, TASS news agency quoted Deputy Foreign Minister Sergei Vershinin as saying on Saturday after the latest talks with a top UN official. – Reuters
