PARIS/SINGAPORE: Chicago corn lost more ground on Tuesday as a rapidly advancing US harvest pressured prices, while wheat was flat, trading near the previous session’s weakest since early July on hopes of Black Sea exports.
The most-active corn contract on the Chicago Board of Trade (CBOT) fell 0.2 percent to USD4.54-1/2 a bushel as of 1200 GMT, and wheat was unchanged at USD6.16 a bushel. Soybeans gained 0.5 percent to USD12.59-1/4 a bushel. “Seasonal harvest pressure is prompting funds to liquidate long positions,” a Singapore-based trader said. Wheat was unchanged after dropping to its lowest since early July on Monday on reports that Russia was reviewing proposals to ensure the safe transport of grain across the Black Sea.
Interfax news agency reported on Monday that Russia was reviewing various proposals to ensure Black Sea grain shipments and was in contact with Turkey, citing Russian Deputy Foreign Minister Alexander Alimov.
However, Interfax quoted Alimov as adding that “so far I do not see any prospects for reviving the grain deal.” Corn faced pressure from the advancing US harvest, which could further bolster large stocks and increase world export supplies.