Chicago grains slip with Black Sea diplomacy and US-China trade in focus
DBA•Chicago wheat futures fell 2.4% to $6.90-1/4 a bushel, while corn slipped 1.9% and soybeans lost 0.9%. Prices faced pressure from diplomatic efforts concerning Black Sea exports and a U.S.-China summit that brought no new agricultural purchase commitments.
1. Grain prices fall
The most-traded Chicago wheat contract was down 2.4% at $6.90-1/4 a bushel at 1118 GMT, falling below $7 for the first time in a month. Corn slipped 1.9% to $5.17-3/4 a bushel, and soybeans lost 0.9% to $13.05-1/2.
2. Trade and diplomacy
Prices were pressured by diplomatic efforts to ease disruption to Black Sea exports and by a U.S.-China summit that yielded no new commitments for Chinese purchases of U.S. agricultural goods. The countries extended their overall trade truce by two months. U.S. wheat export sales for the week came in below market expectations, while soybeans had recently drawn support from soymeal, which hit a two-year peak on Thursday.
