GRAINS — Wheat extends drop as traders monitor Black Sea export prospects
BEIJING, Sept 23 (Reuters) — Chicago Board of Trade wheat futures continue dropped for a third straight session on Wednesday, past a four-week low, as traders monitor prospects for diplomatic efforts easing Black Sea export disruptions. Corn and soybeans gained. Fundamentals The most-traded wheat contract on the Chicago Board of Trade (CBOT) was down 0.4% at $7.05-1/2 a bushel by 0150 GMT. CBOT corn gained 0.1% to $5.29-1/2 a bushel, while soybeans rose 0.2% to $13.20-1/2 a bushel. Renewed diplomatic efforts to end the Ukraine war kept attention on the outlook for Black Sea agricultural exports. Ukraine and Russia, both major grain suppliers, have voiced an interest in a limited ceasefire involving grain and energy-related targets, US Secretary of State Marco Rubio said after meeting Russian Foreign Minister Sergei Lavrov in New York. Traders hoped a truce could lead to a recovery in cargo movements that are at a near standstill in the Black Sea due to heavy attacks on ships and port infrastructure by both sides. Top wheat importers in Asia, the Middle East and Africa that count on the Black Sea region for grain have been finding it hard to secure supplies. However, continued attac
BEIJING, Sept 23 (Reuters) — Chicago Board of Trade wheat futures continue dropped for a third straight session on Wednesday, past a four-week low, as traders monitor prospects for diplomatic efforts easing Black Sea export disruptions. Corn and soybeans gained. 05-1/2 a bushel by 0150 GMT. 20-1/2 a bushel.
Renewed diplomatic efforts to end the Ukraine war kept attention on the outlook for Black Sea agricultural exports. Ukraine and Russia, both major grain suppliers, have voiced an interest in a limited ceasefire involving grain and energy-related targets, US Secretary of State Marco Rubio said after meeting Russian Foreign Minister Sergei Lavrov in New York. Traders hoped a truce could lead to a recovery in cargo movements that are at a near standstill in the Black Sea due to heavy attacks on ships and port infrastructure by both sides.
Top wheat importers in Asia, the Middle East and Africa that count on the Black Sea region for grain have been finding it hard to secure supplies. However, continued attacks on ports and vessels tempered expectations of a recovery in grain shipments. Market News Oil prices edged lower on Thursday, after climbing 4% in the previous session, as Iran said it remained open to diplomacy to end the US-Iran war, though the two countries remain far apart on ways to do so. com;)