MUMBAI- US wheat and corn futures fell on Monday on hopes supply from the Black Sea region could normalize as Russian and Ukrainian officials gave their most upbeat assessments yet of progress in their talks following Moscow’s invasion of its neighbor.
Soybean futures rose on Argentina’s decision to halt exports registration of soy products, which could tighten the oilseed supplies already squeezed by drought.
“Wheat was overbought. As discussion between Russia and Ukraine are progressing, the market is re-evaluating future price scenarios,” said a Mumbai-based dealer with a global trading firm.
US Deputy Secretary of State Wendy Sherman said Russia was showing signs of willingness to engage in substantive negotiations about ending a conflict in which thousands have died. More than 2.5 million people have fled.
Ukraine’s government will introduce a plan to support the crop-sowing campaign in an effort to safeguard food supplies amid Russia’s invasion, Prime Minister Denys Shmygal said on Sunday.
