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Chicago wheat slips after Turkey grain-safe-passage plan news
CBOT most active wheat settled 10 cents lower at $7.74 per bushel after the market hit three-year highs the prior session.
Chicago wheat futures fell on Monday after reaching three-year highs in the previous session, pressured by selling tied to news that Turkey said it has prepared a plan for the safe passage of grain via the Black Sea. Reuters reports the Turkish plan also includes talks with both Russia and Ukraine about the route, after worries about resumed grain shipments had already lifted wheat earlier.
The latest market move followed last week’s rally on news that Russia could step up missile strikes on Ukraine, reducing prospects for a resumption of shipments. Reuters also notes Turkey has repeatedly said it is willing to revive a U.N.-brokered deal that previously got grain out of Ukraine during the war.
CBOT most active wheat settled 10 cents lower at $7.74 per bushel. Corn and soybeans also eased from earlier highs on profit-taking and spillover weakness from wheat, though both were described as supported by bullish fundamentals.
Corn settled 1-1/4 cents higher at $5.37-3/4 per bushel after earlier hitting a new life-of-contract high of $5.42. Soybeans were flat at $12.88 per bushel after an earlier contract high of $12.94-1/2, with export demand for U.S. soybeans and higher crude oil prices cited as supportive factors, and the USDA scheduled to issue a weekly crop-conditions update after market close.
Latest closeWTI crude $83.44 ▼0.1%|Wheat $783.50 ▲5.5%|Corn $536.25 ▲5.1%