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Posted on April, 19, 2023 at 01:10 am
Chicago wheat turned negative on Tuesday after hitting its highest price in nearly three weeks as Russia-focused agricultural consultancy Sovecon raised its harvest outlook and markets kept an eye on developments in the Black Sea region.
Corn futures were mostly flat on the risks to Ukrainian supply as the market assessed mixed weather for U.S. planting.
Soybeans also reversed earlier gains.
Sovecon estimated that Russia would export 43 million tonnes of wheat in 2023-2024, its first forecast for the new season.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.68% at $6.91-3/4 a bushel by 1054 CDT (1554 GMT), after earlier reaching the highest price since March 29.
CBOT soybeans fell 0.18% to $15.14-1/4 a bushel and corn lost 0.15% to $6.75-1/2 a bushel.
Russia’s foreign minister will discuss the Ukraine Black Sea grain export deal with U.N. Secretary-General Antonio Guterres in New York
next week
, just weeks before the pact could expire unless Russian demands regarding its own exports are met.
A halt to vessel inspections on Monday heightened concerns about Ukrainian shipments after Russia’s warnings that it could pull out of the wartime deal next month, though inspections resumed on Tuesday.
Source: Financial Post