Corn, soybean futures firm on US weather threat, wheat retreats
DBA•Wheat eases as shipping worries are reassessed
CBOT wheat futures turned lower after advancing early in the session. Wheat rose sharply on Friday on fears shipping attacks by Ukraine could disrupt the important Azov Sea export route for Russian wheat. Azov shipping on Monday was reported as restricted.
"The market seems to be assessing that the threat to Black Sea grain shipments by Ukraine and Russia and disruption of Azov Sea shipping may not be as serious as thought on Friday," said Matt Ammermann, commodity risk manager at StoneX.
After the market closed, the USDA reported improving U.S. crop ratings. The agency rated 68% of the U.S. corn crop and 65% of the soybean crop in good-to-excellent condition, each up 1 percentage point from a week earlier. Analysts surveyed by Reuters on average had expected no change.
