WEAT•| Last | Change | Pct Move | |
|---|---|---|---|
| CBOT wheat Wv1 | 637.50 | -3.00 | -0.47 |
| CBOT corn Cv1 | 461.25 | -0.50 | -0.11 |
| CBOT soy Sv1 | 1177.00 | -2.50 | -0.21 |
| Paris wheat BL2c1 | 216.25 | -1.50 | -0.69 |
| Paris maize EMAc1 | 248.25 | -1.00 | -0.40 |
| Paris rapeseed COMc1 | 536.00 | -2.75 | -0.51 |
| WTI crude oil CLc1 | 82.02 | -0.11 | -0.13 |
| Euro/dollar EUR= | 1.15 | 0.00 | -0.06 |
Most active contracts - Wheat, corn and soy U.S. cents/bushel, Paris futures in euros per metric ton
Grain markets lost momentum as crude oil turned lower after Qatar's foreign ministry said talks between Oman and Iran on shipping through the Strait of Hormuz were at advanced stage. O/R
Grains can react to oil prices given their use in biofuels and as part of broader commodity investor flows.
CBOT soybeans ticked down 0.2% to $11.77 a bushel, while corn inched 0.1% lower to $4.61-1/4 a bushel.
Grain markets were turning their attention towards the U.S. Department of Agriculture's August supply-and-demand report, which will include highly anticipated revisions to the USDA's outlook for this year's U.S. corn and soybean harvests.
After Monday's close, the USDA trimmed its weekly soybean condition rating while keeping its corn score steady.
Rain and milder temperatures aided both crops last week after excessive heat and dryness during July, analysts said.
Chicago wheat edged lower on Tuesday as reports of progress in talks to restore shipping through the Strait of Hormuz countered support from disruptions to Russian and Ukrainian exports through the Black Sea.
Corn and soybeans were similarly subdued, with participants making adjustments ahead of the widely followed U.S. government crop forecasts on Wednesday.
The most-active wheat contract Wv1 on the Chicago Board of Trade was 0.5% down at $6.37-1/2 a bushel, as of 1154 GMT.
Wheat prices had risen earlier, adding to gains from the two previous sessions, supported by signs that attacks by Ukraine and Russia on each other's shipping routes were reducing export flows.
Ukraine has cut its grain export forecast for the 2026/27 July-June season by up to 12% from a previous projection, its agriculture minister told Reuters on Monday.
For Russia, the world's biggest wheat exporter, IKAR trimmed its forecast for 2026/27 wheat exports by 0.5 million metric tons to 44.5 million tons, while fellow consultancy Sovecon projected August wheat shipments from Russia at a 10-year low of 3.0-3.4 million tons.
At the same time, falling prices in Russia, slow international demand and efforts by Kyiv and Moscow to use alternative logistics routes have tempered market reaction to Black Sea tensions.
"The situation in the Black Sea remains worrying for grain exports," Argus Media analysts said, adding that any upturn in importer demand in the coming weeks could stir up the market.
