CBOT wheat closes lower on export questions, sliding oil prices
WEAT•US spring wheat condition improves
After markets closed on Monday, the U.S. Department of Agriculture reported that the U.S. spring wheat crop's good-to-excellent rating improved to 55% good to excellent, up two points from 53% a week earlier and above the average analyst estimate of 52% good to excellent.
As of last Tuesday, 42% of the nation's spring wheat crop was affected by drought, federal data showed.
Ukraine and Argentina export disruptions remain in focus
Reuters reported on Tuesday that alternative grain export routes from Ukraine will reach required capacity at the end of August at the earliest, its agriculture minister said, warning they would cover only half of volumes handled by Black Sea ports disrupted by Russian attacks.
Meanwhile, a strike by maritime pilots paralyzed Argentina's ports on Tuesday, blocking ship movements and disrupting trade in one of the world's leading grain suppliers, according to local business chambers.
Wheat futures fall on oil-market pressure and export-flow questions
Chicago Board of Trade wheat fell on Tuesday amid widespread pressure on grain futures from the oil market, and as wheat traders continued to track risks to Black Sea export flows from fighting between Russia and Ukraine, market analysts said.
- Oil prices fell on Tuesday to a three-week low after comments by Qatari and U.S. officials raised hopes for a diplomatic resolution to the Iran war that could improve oil flows through the Strait of Hormuz.
- CBOT September soft red winter wheat WU26 ended down 12-1/2 cents at $6.38-1/2 per bushel.
