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Black Sea grain talks continue, uncertainty prevails
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Sharp fall in stock, oil markets pressure
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Strong demand buoys wheat after prices hit lowest since
2021
(Updates prices, adds wider market fall, background)
By Naveen Thukral and Sybille de La Hamaide
SINGAPORE/PARIS, March 15 (Reuters) - Chicago wheat
futures hit a one-week high on Wednesday before paring some
gains, while corn rose for a second straight session as strong
demand and uncertainty over a Black Sea grain export deal
underpinned the market.
Soybeans edged lower in the wake of a sharp fall in stock
and oil markets after Credit Suisse's largest investor said it
could not provide the Swiss bank with more financial assistance.
The most active wheat contract on the Chicago Board of Trade
(CBOT) added 0.5% at $6.99-1/2 a bushel as of 1250 GMT,
after hitting $7.06 earlier, the highest since March 6.
Corn added 0.5% at $6.4 a bushel. Soybeans fell
0.4% to 14.88 a bushel.
"There is still no resolution to the extension of a grain
deal between Russia and Ukraine that allows for grain exports
out of Ukraine during the ongoing conflict," commodities
research firm Hightower said in a report.
Talks continued to extend the deal to allow grain shipments
from Ukraine's Black Sea ports ahead of a deadline later this
week, the United Nations and Turkey said on Tuesday, after Kyiv
rejected a Russian push for a reduced 60-day renewal.
Turkey said it would continue discussions to extend the deal for 120 days rather than 60 days, Turkish Defence Minister Hulusi Akar said on Wednesday. Russia and Ukraine are among the world's largest grain exporters and the creation of the corridor has helped cool global food commodity prices that hit record highs after Russia invaded Ukraine a year ago. Last week's dip in grain prices to multi-month lows appeared to have spurred export business. Algeria, Tunisia and Jordan bought wheat this week, European traders said, and the U.S. Department of Agriculture on Tuesday confirmed private sales of 612,000 tonnes of U.S. corn to China. Brazil's corn exports fell sharply in February as soybean shipments take centre stage and Chinese buyers turn to countries like the United States and Ukraine for supplies. Commodity funds were net buyers of CBOT corn, wheat, soyoil and soymeal futures contracts on Tuesday and were net even in soybean futures, traders said. (Reporting by Naveen Thukral; Editing by Rashmi Aich, Sonia Cheema and Shilpi Majumdar)
Messaging: naveen.thukral.thomsonreuters.com@reuters.net))