Wheat drops 1.5% on Ukrainian supply hopes while soybeans ease

SINGAPORE (Nov 16): Chicago wheat slid for the first time in four sessions on Wednesday, retreating from previous day's one-week high, as prices were pressured by hopes of an extension of a Black Sea export deal despite reports of missiles hitting Poland. Soybeans and corn prices eased after closing higher on Tuesday. "The market is expecting Ukrainian exports to continue as the deal is likely to be extended," said one Singapore-based trader. The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 1.5% at US$8.15-3/4 a bushel, as of 0402 GMT, after climbing to its highest since Nov. 8 at US$8.43 a bushel on Tuesday. Soybeans lost 0.6% to US$14.48 a bushel and corn gave up 0.7% to US$6.62-1/4 a bushel. NATO member Poland said on Wednesday that a Russian-made rocket killed two people in eastern Poland near Ukraine, and it summoned Russia's ambassador to Warsaw for an explanation after Moscow denied it was responsible, raising political tensions. US President Joe ...