SINGAPORE – Chicago wheat futures lost more ground on Thursday as supply concerns eased with inspections of ships carrying Ukrainian grain resuming in the Black Sea region.
Soybeans fell for a third consecutive session while corn dipped as agricultural markets faced additional pressure from weaker crude oil prices.
“Inspections of grain vessels shipped from Ukrainian ports under the Black Sea Grain Initiative resumed yesterday after being blocked for two days,” ING said in a report.
“This move would have helped ease some supply concerns in the global market, but there are still risks around these flows.”
The most-active wheat contract on the Chicago Board of Trade (CBOT) fell 0.7 percent to $6.88-1/4 a bushel. Soybeans gave up 0.4 percent to $14.72-3/4 a bushel and corn lost 0.1 percent to $6.35-3/4 a bushel.
Inspections of ships carrying Ukrainian grain from the Black Sea resumed on Wednesday under a UN-brokered deal but Kyiv faces a struggle to secure an extension of the agreement, as well as a widening import ban in eastern Europe.
