CHICAGO: Chicago wheat sank for a second straight session on Wednesday to a nearly two-month low, as the market gauged diplomatic talks to unblock Ukrainian ports, while US rainfall across the plains added pressure to prices. Corn followed lower, dropping to a nine-week low, as US farmers caught up on planting after slow seeding early on.
Soybeans firmed, supported by expectations of expanded biofuels blending in the United States. The most-active wheat contract on the Chicago Board of Trade (CBOT) fell 41-1/2 cents to $10.46 a bushel by 12:34 p.m. (1734 GMT), after reaching its lowest since April 8.
CBOT corn lost 22 cents to $7.31-1/2 a bushel, hitting its lowest since March 29. Soybeans added 9 cents to $16.92-1/4 a bushel. Wheat markets continued lower after comments earlier this week by Russian President Vladimir Putin, who indicated he was open to the possibility of allowing Ukraine to ship grain through Black Sea ports currently blockaded by Russia.
A senior representative of the United Nations, which is trying to broker an agreement to enable export of both Ukrainian grains and Russian food and fertiliser, had “constructive discussions” in Moscow, a UN spokesman said on Tuesday.
Traders remain cautious about a diplomatic breakthrough, as Moscow calls for eased sanctions in return for reopening Ukrainian ports, a demand rejected by Kyiv and its Western allies.
“What’s going on in reality is different than the rhetoric. I don’t think we’ll see a lot of shipments coming out of Ukraine,” said Joe Davis, director of commodity sales at Futures International.