Wheat futures traded in Chicago were set for the biggest monthly loss since November, with ample supplies of the grain seen in the near-term.
(Bloomberg) — Wheat futures traded in Chicago were set for the biggest monthly loss since November, with ample supplies of the grain seen in the near-term.
Wheat edged lower on Monday, and is set for an almost 6% fall this month. Top shipper Russia is expected to post record-high exports in the second half of the season, while Ukraine is seeking to extend its Black Sea grain-export deal by one year.
“Ongoing talks on the extension of the humanitarian corridor from Ukraine are not worrying too much the grain community as the renewal date approaches, despite the fact that nothing has been agreed upon yet,” Agritel analysts wrote in a note. Ukraine’s crop safe-corridor deal ends in mid-March and the negotiation process to renew it has already started.
In other grains, soy and corn were little changed.
–With assistance from James Poole.
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