CANBERRA — Chicago wheat futures edged lower on Tuesday as expectations of a large harvest in the United States held prices close to last week’s five-year low despite concerns that frosts in Russia and dry conditions in China could damage crop production.
Corn and soybean futures fell.
The most active wheat contract on the Chicago Board of Trade (CBOT) was down 0.1 percent at $5.28-3/4 a bushel. Prices fell as low as $5.06 on May 13.
CBOT soybeans dipped 0.4 percent to $10.46 a bushel and corn slipped 0.3 percent to $4.46 a bushel.
Wheat prices remained capped by last week’s Kansas crop tour, which projected the highest yield since 2021.
Germany’s winter wheat area for the 2025 harvest has meanwhile increased by 12.2 percent from last year to 2.78 million hectares, Germany’s national statistics agency said.
In Russia, the largest grain-producing region, Rostov, became the latest to declare a state of emergency for farming due to spring frosts.
However, Russian wheat export prices remained unchanged last week, with Agriculture Minister Oksana Lut estimating the damage at only about 10 percent of last year’s level.
Commodity funds have built up a large net short position in CBOT wheat but were net buyers on Monday, traders said.
