CHICAGO (Reuters) – US grain futures fell on Wednesday on the back of a strong Russian supply forecast to add to the impact of UN efforts to recover Ukraine’s grain shipments and expectations of lower price demand.
Futures for maize and soybeans also declined as wheat prices fell, traders said.
UN chief Antonio Guterres is expected to make public on Wednesday that he is in talks with the European Union, Russia, Turkey, Ukraine and the United States to recover Ukraine’s grain shipments and recover fertilizer exports from Belarus and Russia, UN officials said. .
Guterres said the war in Ukraine, which has led to tougher global grain supplies and higher prices, would exacerbate food, energy and economic crises in poor countries.
The Chicago Board of Trade (CBOT) most active wheat contract fell 44 cents to .3 12.33-1 / 2 per bushel, at 10:24 CT (1524 GMT).
At a conference in Geneva, the head of Russia’s agricultural consultancy IKAR, Russia’s 2022/23 wheat crop could reach 85 million tonnes and its export potential could reach 39 million tonnes, prompting the agreement to extend the loss overnight.
Meanwhile, on the first day of Kansas’ annual three-day wheat tour, crop scouts estimated the average yield of hard red winter wheat in the northern part of the drought-stricken state at 39.5 bushels per acre, down from 59.2 bushels in 2021.
Concerns are growing that arid soils across parts of the Great Plains are spreading to the West Corn Belt – creating a growing season of drought concerns, says Carl Setzer, agribusiness product risk analyst.
CBOT corn fell 17-1 / 4 cents to $ 7.83-1 / 2 bushels, while CBOT soybeans fell 16-1 / 2 cents to .6 16.61-1 / 2 bushels, after a six-session advance. (Additional report by Gus Trumpes in Geneva; edited by Lewis Heaven, Bernadette Baum and Barbara Lewis)