CANBERRA- Chicago wheat futures steadied on Wednesday following four consecutive daily losses, as concerns over supply from Russia partially offset a stronger dollar and weak outlook for US exports.
Soybean futures fell and hovered near four-year lows amid good crop conditions in Brazil and lacklustre Chinese demand for US beans.
Corn was little changed, with prices consolidating after a rally to 5-1/2-month highs last week.
The most-active wheat contract on the Chicago Board of Trade was flat at $5.45 a bushel.
Consultants Sovecon cut their forecast for 2025 wheat production in Russia – the world’s biggest wheat exporter – by 3 million metric tons to 78.7 million tons, citing that crop conditions were the worst in decades.
Russia flooded the market through much of 2024, holding CBOT wheat around four-year lows, but Russian export prices are now rising and shipments are expected to slow sharply.
