“Historically, we’re still at high price levels for many of these markets, and if we don’t get bullish news during planting and growing seasons, then we’ll be lower (in prices),” said Daniels Trading’s Craig Turner.
The most active wheat contract on the Chicago Stock Exchange (CBOT) was down 1.07% at $6.50 a bushel, after touching its lowest since July 2021 at $6.4250. Rains expected in parched areas where US wheat is grown also put pressure on prices.
CBOT corn was down 0.49% at $6.0450 a bushel and soybeans were down 1.43% at $14.1550 a bushel.
The Kremlin reaffirmed its position on Tuesday that the Black Sea grain export deal does not work for Moscow, a day after the United Nations chief handed Russia a letter with proposals to improve it. Meanwhile, a Ukrainian official said the UN proposal to improve and expand the treaty will only succeed if the international community puts collective pressure on Russia.