SINGAPORE- Chicago wheat slid for a third session on Monday, pressured by freshly harvested crops in the southern hemisphere, although the downside was limited by export restrictions from Russia.
Soybeans fell on expectations of record Brazilian output, while corn eased to shed some of previous session’s gains.
“There is no shortage of wheat as of now, so the market is under pressure,” said one Singapore-based grains trader. “But supplies are likely to get tight next year.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.6 percent at $5.44-1/2 a bushel. Soybeans lost 0.3 percent to $9.86-1/2 a bushel and corn gave up 0.5 percent to $4.30-3/4 a bushel.
Wheat exporters in the southern hemisphere, Australia and Argentina are expected harvest large crops this season. However, Russia, the world’s largest wheat exporter, cut its 2025 export quota by two-thirds, hiked wheat-export duties and abandoned import quotas for some staple foods on Friday as the government moved to curb inflation.
