Wheat extends drop as traders monitor prospects for Black Sea exports
WEAT•Chicago wheat futures fell for a third straight session on Thursday, dropping 0.3% to $7.06-1/2 a bushel and past a four-week low. Corn rose 0.1% and soybeans gained 0.2%.
1. Wheat futures decline
Chicago Board of Trade wheat futures fell for a third straight session on Thursday, extending losses past a four-week low. By 0238 GMT, the most-traded contract was down 0.3% at $7.06-1/2 a bushel; corn gained 0.1% to $5.29-3/4 and soybeans rose 0.2% to $13.20-3/4.
2. Black Sea export outlook
Traders monitored diplomatic efforts that could ease disruptions to Black Sea 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. Continued attacks on ports and vessels tempered expectations of a recovery in shipments.
3. Alternative export routes
Only eight countries bought wheat from Russia, the world's biggest wheat exporter, in September, down from 26 a year earlier, Russian Grain Union data showed. Ukraine is exploring Baltic Sea ports for grain exports, while Russian companies are repurposing cargo terminals at Baltic and Arctic ports to handle grain.
