SINGAPORE- Chicago wheat futures slid more than 1 percent on Tuesday with the market giving up previous session’s gains as expectations of a bumper harvest in Russia, the world’s biggest exporter of the grain, pressured prices.
Corn and soybeans edged lower.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 1.3 percent at $6.08 a bushe. Corn fell 0.3 percent to $6.02 a bushel and soybeans slid 1.1 percent to $13.22 a bushel.
Export prices of Russian wheat are softening further in anticipation of a new harvest and amid low demand from global importers, analysts said.
A deal to allow Ukraine to export its grain safely across the Black Sea had been extended two weeks ago for two months.
Russia, however, warned the West on Monday that the grain deal would cease unless a United Nations agreement aimed at overcoming obstacles to Russian grain and fertilizer exports was fulfilled.
In the corn market, plentiful supplies from Brazil weighed on prices. Brazil’s total corn production in 2022/23 is expected to hit 127.4 million tons, agribusiness consultancy AgRural said on Monday, raising its April estimate of 125.1 million tons as growers start to harvest their second crop. – Reuters
