SINGAPORE- Chicago wheat futures edged lower on Wednesday, shedding some of previous session’s strong gains, although losses were curbed by worries over supplies amid an escalating conflict between Russia and Ukraine.
Corn and soybeans lost ground.
“There is some support from fears that Russia/Ukraine war disrupts exports from the Black Sea, and also concerned with Russia’s threats to use nuclear weapons,” according to a Hightower report. “This support may be short-lived.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.2 percent at $8.70 a bushel. Corn lost 0.3 percent to $6.65-1/4 a bushel and soybean gave up 0.5 percent to $14.01-1/2 a bushel.
Traders are monitoring the conflict in Ukraine, which has disrupted grain exports from the Black Sea, after an ally of Russian President Vladimir Putin issued a stark new nuclear warning to Ukraine and the West. – Reuters
