SINGAPORE- Chicago wheat slid on Thursday as the market took a breather after climbing in the previous session to its highest since late January, although dryness in key exporting countries and Russian attacks on Ukraine are likely to limit the decline.
Corn and soybean prices weakened amid planting in the US Midwest, but wet weather is forecast for the region and could slow the progress in the fields.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was down quarter of a cent at $6.12-3/4 a bushel, having hit its highest since Jan. 25 at $6.17 a bushel in the previous session.
Corn gave up 0.3 percent to $4.47-1/4 a bushel and soybeans fell 0.1 percent to $11.74-3/4 a bushel.
Dry weather is continuing to impact wheat-producing regions of Russia and the United States.
In addition, attacks on Ukraine’s Black Sea ports, which affected the country’s grain infrastructure, raised fears of supply disruptions.
India is struggling to replenish its wheat stocks, with purchases down around 25 percent on last year’s levels due to untimely rains and higher open market prices, which encourage farmers to sell to private traders.
