SINGAPORE: Chicago wheat futures slid on Thursday to a three-week low as expectations of strong exports from Russia eased some of the concerns arising from attacks on a Ukrainian port.
Soybeans fell for a second session, while corn lost more ground as pressure from crop-friendly weather in the US Midwest weighed on prices.
“The lack of Ukrainian supplies have more or less been factored in and the market is now looking to Russian supplies,” said one Singapore-based trader.
“For corn and soybeans, it seems to be mostly favourable weather.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) fell 0.4% to $6.37-3/4 a bushel, as of 0315 GMT, after hitting its lowest since July 13 at $6.35-1/4 a bushel earlier in the session.
Corn gave up 0.6% at $4.97-3/4 a bushel and soybeans lost half a cent to $13.20-3/4 a bushel.
Russia attacked Ukraine’s main inland port across the Danube River from Romania on Wednesday as it ramped up its use of force to prevent Ukraine from exporting grain.
Wheat jumps 4%, recovers from two-week low as Russia attacks Ukrainian ports
The drone attacks destroyed buildings in the port of Izmail and halted ships as they prepared to arrive there to load with Ukrainian grain in defiance of a de-facto blockade Russia reimposed in mid-July.
However, expectations of strong exports from Russia, the world’s biggest supplier, weighed on prices.
Russian President Vladimir Putin told Turkish counterpart Tayyip Erdogan on Wednesday that Moscow was ready to return to the Black Sea grain deal as soon as the West met its obligations regarding Russia’s own grain exports.
Cooler, wetter weather forecast across the US Midwest in August continue to pressure corn and soybean prices.
Commodity funds were net sellers of CBOT soybean, wheat, corn, soymeal and soyoil futures contracts on Wednesday, traders said.
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