SINGAPORE- Chicago wheat futures slid on Wednesday, giving up some of the previous session’s strong gains, although concerns about global supplies and lower Russian crop forecasts provided a floor for the market.
Soybeans rose for a second straight session and corn edged higher.
“The market is continuing to adjust to substantially lower Russian wheat crop estimates,” said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.
The most-active wheat contract on the Chicago Board of Trade (CBOT) fell 0.6 percent to $7.22-1/2 a bushel. The market closed up 2.2 percent on Tuesday.
Soybean rose 0.3 percent to $13.41 a bushel and corn gained 0.1 percent at $5.53-3/4 a bushel.
Russia, the world’s biggest exporter, is expecting a lower crop for 2021/22. – Reuters
