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EU transit plan, Black Sea inspections ease Ukraine fears
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Corn, soybean markets monitoring spring planting weather
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Grain markets await weekly U.S. export sales data
(Updates with European trading, changes byline/dateline)
By Gus Trompiz and Naveen Thukral
PARIS/SINGAPORE, April 20 (Reuters) - Chicago wheat lost
more ground on Thursday as fears of Ukrainian exports being
halted were allayed by the resumption of vessel inspections
under a wartime deal and by European Union steps to allow
transit of grain via land routes to continue.
Soybean and corn futures also extended losses, pressured by
crude oil while investors monitored U.S. spring planting
weather.
Inspections of ships carrying Ukrainian grain from Black Sea
ports resumed on Wednesday under a UN-brokered deal, though Kyiv
faces a struggle to secure an extension of the deal with Moscow.
A EU plan on Wednesday to permit Ukrainian grains to
continue being transported across five countries in the east of
the bloc for onward export reduced the risk of a halt to
Ukrainian shipments via the EU.
Wheat markets had rallied at the start of the week,
recovering ground after hitting their lowest since 2021 in late
March, on the threat of a squeeze on Ukrainian exports.
"The more reassuring announcements on the continuity of
Ukrainian grains' export flow limit the rebound movement
recently observed in wheat," consultancy Agritel said.
Large Russian exports and favourable prospects for this
year's Russian harvest were also tempering supply concerns.
Weather forecasts predicting showers in the week ahead in
some drought-affected U.S. winter wheat belts further curbed
prices.
The most-active wheat contract on the Chicago Board of Trade
(CBOT) was down 1.1% at $6.85 a bushel by 1113 GMT.
CBOT soybeans eased 0.7% to $14.69 a bushel and corn lost 0.8% to $6.31 a bushel.
Rain may hamper early U.S. spring planting of corn and soy
but boost soil moisture for later growth.
Traders were watching for weekly U.S. grain export sales
figures later on Thursday.
Economic worries hung over crude oil and wider financial
markets. Crops like corn and oilseeds are sensitive to oil
prices as they are used in biofuel. "The macro mood is back on the bearish side of the ledger,"
Peak Trading Research said.
(Reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; editing by Uttaresh Venkateshwaran)
Messaging: gus.trompiz.thomsonreuters.com@reuters.net))