After making a three-month high, Chicago wheat futures were trading lower on Tuesday as the war between Russia and Ukraine continues to increase concerns about the future of Black Sea grain trade in the next few months.
The corn futures were down and the soybeans firmed ahead of the US government’s crop forecast which would be released on Wednesday.
The investors were adjusting positions ahead of the release of the forecasts.
Rich Nelson, chief strategist at Allendale Inc. said that the market is in the mood for profit booking ahead of the reports.
Apart from this, the traders are keenly observing the weather forecasts in the central US that may impact transportation during harvest due to the rise in the water level of the rivers, he said.
