SINGAPORE- Chicago wheat slid more than 1 percent on Tuesday, dropping to a one-week low as cheap Russian grain flooded the market and the docking of ships in Ukraine eased concerns over supplies from the war-torn country.
Corn and soybean futures lost ground with freshly harvested supplies hitting the market in the United States.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 1.4 percent at $5.83 a bushel, after dropping to its lowest since Sept. 12 at $5.82-1/4.
Corn slid 0.4 percent to $4.69-3/4 a bushel and soybeans gave up 0.4 percent to $13.11-1/4 a bushel.
The price of 12.5 percent -protein Russian wheat for free-on-board (FOB) delivery in October fell to $235 a metric ton last week, the IKAR agriculture consultancy said.
The SovEcon agriculture consultancy, meanwhile, estimated Russia’s monthly shipments at 4.9 million tons in September versus 4.2 million last year.
Also pressuring prices was news that two cargo vessels arrived in Ukraine on Saturday using a temporary corridor to sail into Black Sea ports and load grain, despite the collapse of a safe-passage deal with Russia earlier this year.
“Funds view the lack of action by the Russians as a sell signal,” analysts at StoneX said in a note. – Reuters
