Wheat gives up yesterday gains and ends lower for first time in five sessions

2 months ago

Agricultural commodities fell at the Chicago Exchange for the first time in five sessions but losses were contained due to concerns about Russian supplies, with the the global grains trading company Cargill saying it won't deal with Russian grains at its own export station. 


Cargill said on Wednesday it'll take another step to back off the Russian market by quitting operations with the largest wheat supplier at its own export station starting July. 


Russian exports could be hampered as well if Moscow recommended a temporary cut in grain exports as some Russian media alluded. 


However, Reuters sources said Russia doesn't plan to stop wheat exports but will ask exporters to raise prices for the farmers to cover production costs. 


Conversely, Ukrainian official data showed Ukrainian grain exports rose to 5.1 million tones in March compared to 1.4 million tones in March 2022. 


And some analysts said Brazil is ready to supply nearly half the soybeans that Argentina will import after undergoing the worst drought in 100 years, which destroyed its fields and cut 2023 output by half. 




Corn futures due in May fell 0.1% to $6.49 a bushel. 




Soybean futures due in May fell 0.2% to $14.74 a bushel. 




Wheat futures due in May fell 1.9% to $6.92 a bushel. 

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