Grains-CBOT soybeans sink on favorable US weather
DBA•Black Sea export concerns continue
Concerns over Black Sea exports were reinforced after three major Russian grain terminals restricted truck deliveries, citing heightened shipping risks following recent attacks and changes to grain flows after restrictions in the Sea of Azov.
A missile strike also hit the Russian port city of Taganrog, a grain-export hub on the Sea of Azov, underscoring the security risks facing the region's supply chains.
Place said wheat futures are being pressured by large global supplies of the grain as the harvest winds down. “It just can't get where it needs to go,” said Place.
Rain outlook supports crop expectations
In the U.S. Midwest, forecasters are predicting rain near the end of the week, which is vital for the soybean crop as it reaches the pod-setting phase of its development, said Randy Place, analyst at the Hightower Report.
“Rain will be exactly what it needs,” said Place of the crop.
He said the wheat crop was still getting support from hostilities in the Black Sea.
Soybeans and corn fall on favorable Midwest weather
Chicago soybeans and corn sagged on Wednesday as favorable weather was forecast for U.S. Midwest growing areas.
The most active soybean contract on the Chicago Board of Trade (CBOT) Sv1 settled down 27-1/4 cents at $11.92-3/4 and corn Cv1 ended down 8-3/4 cents at $4.71-3/4 a bushel.
Wheat eases as traders weigh Black Sea disruptions and supplies
Wheat ticked down as traders assessed fresh disruptions to Black Sea grain exports against large global supplies, after and Ukraine continued attacks on vessels and port infrastructure in the region.
