US: Wheat drops to 1-week low on Ukrainian exports; corn, soybeans firm
Soybean
Maize (Corn)
Wheat
United States
Ukraine
Published Aug 4, 2022
Tridge summary
Chicago wheat lost more ground on Wednesday, with prices dropping to their lowest in more than a week, as the resumption of maritime grain exports from Ukraine eased supply concerns. Corn and soybeans rose for the first time in three sessions, although better-than-expected weekly U.S. crop ratings limited gains. “The wheat market is reacting to Ukrainian grain exports,” said one Singapore-based trader.
Original content
“The price direction will depend on how much wheat and corn actually come out of Ukraine in the coming weeks.” The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was down 0.3% at $7.72 a bushel, as of 0257 GMT. Earlier in the session, the contract dropped to its lowest since July 25 at $7.68 a bushel. Corn Cv1 added 0.3% to $5.96 a bushel and soybeans Sv1 rose 0.5% to $13.92-3/4 a bushel. The first grain-carrying ship to leave Ukrainian ports in wartime safely anchored off Turkey’s coast on Tuesday, while a senior official said Ankara expects roughly one grain ship to depart from Ukraine every day as long as the export agreement holds. The first ship, the Razoni, carrying 26,527 tonnes of corn to Lebanon, anchored near the Bosphorus entrance from the Black Sea at around 1800 GMT, some 36 hours after departing from Ukraine’s Odesa port. Global wheat export business picked up this week. Algeria and Jordan bought optional-origin wheat, traders said, while buyers ...
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