BEIJING: Chicago Board of Trade (CBoT) wheat futures dropped for a third straight session on Wednesday, past a four-week low, as traders monitor prospects for diplomatic efforts that could ease Black Sea export disruptions. Corn and soybeans gained.
The most-traded wheat contract on the Chicago Board of Trade (CBOT) was down 0.3percent at USD7.06-1/2 a bushel by 0238 GMT. CBOT corn gained 0.1percent to USD5.29-3/4 a bushel, while soybeans rose 0.2percent to USD13.20-3/4 a bushel.
Renewed diplomatic efforts to end the Ukraine war kept attention on the outlook for Black Sea agricultural exports. Ukraine and Russia, both major grain suppliers, have voiced an interest in a limited ceasefire involving grain and energy-related targets, US Secretary of State Marco Rubio said after meeting Russian Foreign Minister Sergei Lavrov in New York.
Traders hoped a truce could lead to a recovery in cargo movements that are at a near standstill in the Black Sea due to heavy attacks on ships and port infrastructure by both sides.