BEIJING: Chicago wheat futures fell for a third straight session on Wednesday, pressured by the United States’ agreements with Ukraine and Russia to pause attacks at sea and on energy targets, along with favourable weather in the Black Sea region.
Soybeans and corn also edged lower, weighed down by concerns over U.S. tariffs potentially reducing farm exports and large harvests in key exporters Brazil and Argentina.
The most-active wheat contract on the Chicago Board of Trade (CBOT) dipped 0.09% to $5.42-6/8 a bushel as of 0249 GMT.
The U.S. on Tuesday reached separate deals with Ukraine and Russia to secure navigation of the Black Sea, which is considered bearish for wheat as they could increase security for Russian and Ukrainian exports.
Wheat also faced headwinds from forecasts of rain in the Black Sea region, although drought conditions in the U.S. Plains continue to worsen, said a Singapore-based trader.
Soybeans and corn are both pressured by expanding Argentina corn and Brazil soybean harvests, along with concerns over U.S. tariffs that could trigger retaliation from major buyers like Mexico and China.
Wheat futures dip on favourable weather
Soybeans slipped 0.1% to $10.00-6/8 a bushel, marking a fourth consecutive sessions of decline, while corn dipped 0.05% to $4.58 a bushel.
Corn planting is advancing ahead of schedule in the southern U.S., analysts said. A report from the United States Department of Agriculture (USDA) on Monday showed corn seeding 65% complete in Louisiana, 45% in Texas, 14% in Mississippi, and 10% in Arkansas.
Traders are eyeing next week’s USDA March stocks and acreage report, along with the start of reciprocal tariffs on April 2.
Commodity funds net sold CBOT wheat, corn and soybean futures contracts on Tuesday, traders said. They net bought soymeal and soyoil futures contracts.
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