CHICAGO: Chicago Board of Trade wheat futures tipped lower on Friday after Ukraininan President Volodymyr Zelensky said he will meet with US President Donald Trump on Sunday for continuing talks on ending the war in Ukraine.
Wheat futures had gained earlier in the week over worries about war escalation in the Black Sea export zone. CBOT corn and soybean futures chopped up and down and ended lower as thin trade caused volatile swings in the market.
The most-active wheat contract on the Chicago Board of Trade settled 2-3/4 cents lower at USD5.19 per bushel. “The meeting this Sunday is taking a little steam out of the Chicago wheat here today, and they’re hoping they can make some progress on getting a trade deal done,” said Randy Place, an analyst at Hightower Report. CBOT soybeans settled 4-1/2 cents lower at USD10.58-3/4 per bushel. Corn settled 1 cent lower at USD4.50 per bushel.
Trade has been light after the Christmas holiday and ahead of the weekend and the end of the year, with many traders booking profits and exiting out of the market.
A lack of fresh news in corn and soybeans has also given market players little incentive to trade. Plentiful world supply of soybeans has kept a lid on soy futures, while strong demand for US corn has kept a bottom on corn futures.
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