CHICAGO: Chicago benchmark wheat futures fell for the sixth day in a row on Wednesday as progress in the US harvest weighed on prices and concerns over the Russian crop eased, traders said.
Corn also drifted down while soy ticked up in a technical bounce as traders monitored US weather and crop losses in South America.
The most active wheat contract on the Chicago Board of Trade (CBOT) was down 9-3/4 cents at $6.48-1/2 a bushel at 1600 GMT. Wheat futures hit their lowest value since May 10.
Worries over drought and frost damage to the Russian wheat crop have mostly been factored into the market, traders said.
“It’s still dry in Russia and the Black Sea, but it’s not getting worse, so the dryness is already priced in,” said Joe Davis, a trader at Futures International.
Russia is not expected to ban grains exports if a federal emergency is declared due to the frosts, industry experts said on Wednesday.
US winter wheat is 6% harvested, the US government said on Monday, ahead of the five-year average pace.
Soybeans rose 8-1/2 cents to $11.87-3/4 a bushel and corn fell 1-1/2 cents to $4.40-3/4 a bushel.
Soybeans spiked on a technical bounce after hitting a one-month low a day earlier, traders said.
Crop losses related to recent floods in Brazil’s southernmost state of Rio Grande do Sul were estimated at 2.71 million tons, crop agency Emater said on Tuesday.
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