Wheat and corn futures steadied after Wednesday’s jump, as markets weigh up escalating tensions in the Black Sea region against burgeoning global supply.
(Bloomberg) — Wheat and corn futures steadied after Wednesday’s jump, as markets weigh up escalating tensions in the Black Sea region against burgeoning global supply.
Ukraine’s president on Wednesday denied Russian allegations that its government organized an attack on Vladimir Putin’s residence in the Kremlin. The flare-up adds to uncertainty over whether the safe corridor that allows Ukraine to export crops through the Black Sea will be extended beyond May and boosted wheat futures from a two-year low.
Still, the market is vying with good production prospects in some key growers. A large Brazilian corn harvest looms, and wheat in much of the European Union has seen favorable conditions so far this spring. The US Department of Agriculture next week will issue its first global estimates for the 2023-24 season.
Chicago wheat futures fell 0.4% to $6.37 a bushel, following a 5% surge the prior day. Corn also edged lower. Both grains held near one-week highs.
In oilseed markets, soybean futures dropped 0.3%.
–With assistance from Kim Chipman.
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