Beijing: Chicago wheat prices moved slightly lower on Monday after worries about grain supplies from the Black Sea region eased following talks between US President Donald Trump and Ukrainian President Volodymyr Zelenskiy, reports Mint.
Soybean and corn prices also edged down in quiet trading.
The most active wheat contract on the Chicago Board of Trade fell by 0.1% to $5.18½ per bushel by early Asian trading hours. Soybeans slipped 0.07% to $10.71¾ per bushel, while corn declined 0.11% to $4.49½ per bushel.
Zelenskiy said on Monday that his meeting with Trump had produced meaningful progress. He said teams from the United States and Ukraine would meet next week to settle remaining issues linked to efforts to end the war between Russia and Ukraine.
Wheat prices had risen last week as traders worried that fighting in the Black Sea region could disrupt exports. Ukraine is among the world’s largest suppliers of wheat and corn, and any threat to shipments from the region tends to affect global prices.
Trading activity remained thin after the Christmas holiday and with the end of the year approaching, as many traders chose to book profits and reduce their positions.
Market activity in corn and soybeans has also been limited due to a lack of major new developments. Soybean prices continued to face pressure from large global supplies, while steady demand for US corn helped prevent sharper losses.
Analysts said dry conditions could pose a risk to the winter wheat crop in the US Plains. They also noted rising concerns about corn production in southern Argentina, where much-needed rainfall has so far missed key growing areas.
