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US wheat futures plummet on Russian crop exports, UN grain talks

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CHICAGO – US wheat futures fell sharply on Wednesday after a report on United Nations efforts to restore grain shipments in Ukraine and as forecasts of high Russian inventories magnified the impact on expectations, high prices will curb demand.

Corn and soybean futures also fell as falling wheat prices led to profit-taking, traders said.

UN chief Antonio Guterres is expected to publicly announce on Wednesday that he is in talks with the European Union, Russia, Turkey, Ukraine and the United States to try to restore Ukraine’s grain shipments and increase fertilizer exports from Belarus and Russia. revitalize, UN officials said. †

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Guterres has said the war in Ukraine, which has tightened global grain supplies and led to a rise in prices, will exacerbate food, energy and economic crises in poor countries.

The most active wheat contract on the Chicago Board of Trade (CBOT) fell 46-3/4 cents to $12.30-3/4 a bushel.

The contract extended losses overnight after the head of Russia’s agricultural consultancy IKAR told a conference in Geneva that Russia’s wheat crop could reach 85 million tons by 2022/23, fixing its export potential at 39 million tons. .

Meanwhile, on the first day of an annual three-day wheat tour of Kansas, crop explorers predicted an average yield for hard red winter wheat in the northern portion of the drought-stricken state of 39.5 bushels per acre, up from 59.2 bushels in 2021.

Concerns are also mounting that dry lands in parts of the Great Plains extend into the western corn belt, raising concerns about drought during the growing season, said Karl Setzer, a commodity risk analyst at Agrivisor.

CBOT corn lost 19-1/4 cents to $7.81-1/2 per bushel, while CBOT soybeans fell 15-1/4 cents at $16.62-3/4 per bushel. (Additional coverage by Gus Trompiz in Geneva; editing by Louise Heavens, Bernadette Baum, Barbara Lewis and Jonathan Oatis)

This post US wheat futures plummet on Russian crop exports, UN grain talks

was original published at “https://financialpost.com/pmn/business-pmn/u-s-wheat-futures-slide-on-russian-crop-exports-u-n-grain-talks-2”