SINGAPORE- Chicago wheat eased on Monday as ample supplies pressured prices, with the market giving up earlier gains that were triggered by worries over shipments from the Black Sea region.
Soybeans rose after dropping to their lowest in more than one month, while corn slid.
“The wheat market has been supported by escalations in the Black Sea region but it has come down now as there is no major issue with supplies,” said one grains trader in Singapore. “Prices will move higher if we actually see exports getting impacted.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) lost 0.1 percent to $5.64-1/4 a bushel and corn fell 0.2 percent to $4.34-1/2 a bushel. Soybeans gained 0.4 percent at $9.87-1/2 a bushel after dropping to its lowest since Oct. 21 on Friday. Russia last week launched a hypersonic intermediate-range ballistic missile at the Ukrainian city of Dnipro in response to the US and the UK allowing Kyiv to strike Russian territory with advanced Western weapons and warned that more could follow.
