Corn and wheat ease from multi-year highs with U.S. crops and Black Sea exports in focus

| Contract | Last | Change | Pct Move | | --- | --- | --- | --- | | CBOT wheat Wv1 | 688.25 | -11.25 | -1.61 | | CBOT corn Cv1 | 514.50 | -1.00 | -0.19 | | CBOT soy Sv1 | 1218.00 | -6.25 | -0.51 | | Paris wheat BL2c1 | 224.50 | -3.00 | -1.32 | | Paris maize EMAc1 | 260.75 | -2.25 | -0.86 | | Paris rapeseed COMc1 | 524.50 | 2.50 | 0.48 | | WTI crude oil CLc1 | 82.57 | -2.44 | -2.87 | | Euro/dollar EUR= | 1.17 | 0.00 | -0.03 | Most active contracts - Wheat, corn and soy U.S. cents/bushel, Paris futures in euros per metric ton. However, worries about disruption to grain exports from Russia and Ukraine were tempered by comments by Ukrainian President Volodymyr Zelenskiy, who said on Monday there will be a "diplomatic track" with Russia regarding Black Sea attacks. A report that a U.S. military aircraft landed in Moscow on Tuesday added to speculation about possible efforts towards de-escalation in Russia's war with Ukraine. "Today's focus is whether diplomacy can translate into any real improvement in shipping," CM Navigator analysts said in a note. "Physical wheat markets still look considerably tighter than futures suggest," they added. There has been growing talk about importers seeking alternatives to Russian and Ukrainian wheat, pushing up physical premiums in the European Union. News that India was removing restrictions on wheat exports also helped curb futures, as the move suggested an additional source of supply for importers. CBOT wheat Wv1 was 1.6% lower at $6.88-1/4 a bushel, having hit $7.15 in the previous session, its highest since May 2024. CBOT soybeans Sv1 were down 0.5% at $12.18 a bushel. Oil prices fell for a second day as investors viewed new U.S. sanctions against Iran as posing less risk to supplies than military escalation.O/R Soybeans like corn are widely processed for biofuel and are sensitive to oil fluctuations. Chicago corn and wheat futures fell on Tuesday, with a slide in crude oil and signs of diplomatic efforts to curb attacks on Black Sea shipping encouraging prices to ease from Monday's multi-year highs. Losses in corn were limited, however, with overnight news of a steeper-than-expected decline in U.S. crop ratings adding to concerns about harvest prospects following a widely followed Midwest field tour last week. The most-traded corn contract Cv1 on the Chicago Board of Trade was down 0.2% at $5.14-1/2 a bushel at 1120 GMT. On Monday it reached $5.24-1/4, the highest since July 2023. The U.S. Department of Agriculture said 57% of the U.S. corn crop was in good-to-excellent condition as of Sunday, down from 60% a week earlier and the lowest for this time of year since 2023. Analysts had on average anticipated a score of 59%. "It looks like the U.S. corn crop is sliding backwards," said Josh Lawrence, an analyst at IKON Commodities, a broker and consultancy in Sydney. "We've got a tighter market today without Ukraine's corn coming to the world market. And the Europe corn crop is not in a good condition at all," Lawrence said. In Europe, crop monitoring service MARS cut its forecast for the EU grain maize yield for a second straight month, following heat and drought.

Corn and wheat ease from multi-year highs with U.S. crops and Black Sea exports in focus

Market prices at 1120 GMT

Wheat markets stay tight as importers look for alternatives

Corn and wheat retreat as U.S. crop ratings and Black Sea diplomacy come into focus

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Contract	Last	Change	Pct Move
CBOT wheat Wv1	688.25	-11.25	-1.61
CBOT corn Cv1	514.50	-1.00	-0.19
CBOT soy Sv1	1218.00	-6.25	-0.51
Paris wheat BL2c1	224.50	-3.00	-1.32
Paris maize EMAc1	260.75	-2.25	-0.86
Paris rapeseed COMc1	524.50	2.50	0.48
WTI crude oil CLc1	82.57	-2.44	-2.87
Euro/dollar EUR=	1.17	0.00	-0.03