SINGAPORE- Chicago wheat futures slid on Wednesday, giving up much of the previous session’s gains and trading near a 17-month low reached earlier this week, on expectations for a Black Sea grain corridor deal between Russia and Ukraine.
Soybeans eased, while corn firmed.
“The wheat market is pricing in that the Black Sea grain deal will be renewed,” said one Singapore-based trader. “Prices are under pressure with ample supplies expected from Russia and Ukraine.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) fell 0.4 percent to $6.95-1/4 a bushel, soybeans lost 0.2 percent to $15.13-1/4 a bushel and corn rose 0.3 percent to $6.36-1/4 a bushel.
The wheat market is under pressure from Russian export competition and expectations that a wartime grain corridor from Ukraine will be extended beyond this month.
United Nations Secretary-General Antonio Guterres will meet Ukrainian President Volodymyr Zelenskiy in Kyiv on Wednesday to discuss extending a deal with Moscow that allows the Black Sea export of Ukraine grains amid Russia’s war in the country. – Reuters
