Wheat extends drop as traders monitor Black Sea export prospects
WEAT•Chicago wheat futures fell for a third straight session on Thursday, down 0.4% to $7.05-1/2 a bushel by 0150 GMT, while corn and soybean futures gained. Traders monitored diplomatic efforts that could ease Black Sea export disruptions.
1. Grain futures move
The most-traded Chicago Board of Trade wheat contract fell 0.4% to $7.05-1/2 a bushel by 0150 GMT, after dropping to a four-week low. Corn gained 0.1% to $5.29-1/2 a bushel, and soybeans rose 0.2% to $13.20-1/2 a bushel.
2. Black Sea export outlook
Renewed diplomatic efforts to end the Ukraine war kept attention on Black Sea agricultural exports. Ukraine and Russia have voiced interest in a limited ceasefire involving grain and energy-related targets, U.S. Secretary of State Marco Rubio said after meeting Russian Foreign Minister Sergei Lavrov in New York. Traders hoped a truce could revive cargo movements that are near a standstill, but continued attacks on ports and vessels tempered expectations for a recovery in shipments.
