US wheat sags, soy edges up

Wheat futures slipped from record highs earlier this week
calendar icon 9 March 2022
clock icon 2 minute read

Chicago wheat futures fell in early trade on Wednesday, slipping as much as 4% from a record high hit in its previous trading session, reported Reuters.

Corn futures also fell, while soybeans rose as much as 1%.

The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 3.9% at $12.36 a bushel, as of 01:35 GMT. Corn also declined 0.4% to $7.50 a bushel, while soybeans Sv1 rose 1% to $17.06 a bushel.

Euronext wheat fell sharply on Tuesday as futures pulled back from record highs caused by supply concerns over Russia's invasion of fellow grain exporter Ukraine. Russia and Ukraine account for about 29% of global wheat exports.

Algeria's state grains agency is believed to have extended Tuesday's international tender to purchase milling wheat by a day, with negotiations expected to continue on Wednesday, European traders said.

Farmers in Argentina have sold 16.6 million tonnes of corn during the 2021/22 season as of 2 March, the Ministry of Agriculture said on Tuesday.

Commodity funds were net buyers of CBOT soybean, soymeal, soyoil and corn futures contracts on Tuesday, traders said. They were net sellers of CBOT wheat.

In market news, the euro took a breather on Wednesday ahead of this week's central bank meeting, while commodity currencies eased from recent peaks as investors reckoned war-driven surges in energy, grains and metals could end up crimping demand in the long run.

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