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Wheat touches 1-week high after sharp slump
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Renewed Russia-Ukraine tensions cast doubts on Black Sea
deal
(Recasts, updates prices)
By Naveen Thukral and Sybille de La Hamaide
SINGAPORE/PARIS, May 4 (Reuters) -
Chicago wheat futures pared some of their gains on Thursday but remained near a one-week high hit earlier as concerns over heightened tensions between Russia and Ukraine fuelled doubts about the future of a Black Sea export corridor.
Soybeans and corn inched lower with both markets facing pressure from U.S. planting.
"There are fresh tensions between Russia and Ukraine which are putting the Black Sea grain deal in doubt," said one Singapore-based trader. The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.6% at $6.35-3/4 a bushel, as of 1113 GMT, after climbing earlier in the session to its highest since April 26 at $6.47-1/2. The market hit its lowest since April 2021 at $6.04 a bushel on Wednesday.
Corn fell 0.5% to $5.85-1/2 a bushel and soybeans lost 0.3% to $14.12-3/4 a bushel.
Russia accused Ukraine on Wednesday of attacking the Kremlin with drones overnight in a failed attempt to kill President Vladimir Putin. Later, Ukraine President Volodymyr Zelenskiy said Russia did not appear to be interested in extending the Black Sea grain deal, but that Kyiv was focused on looking for partners to fulfil the deal and was not looking for Russian interest. However, Russia said on Wednesday it will keep talking to the United Nations about the future of the deal that allows the safe Black Sea export of Ukraine grain, but would not do anything to harm its own interests. Commodity funds were net buyers of CBOT corn, soybeans, wheat and soyoil futures contracts on Wednesday, traders said. Funds were net sellers of soymeal. Prices at 1113 GMT
Last Change Pct
Move
CBOT wheat 635.75 -4.00 -0.63
CBOT corn 585.50 -3.00 -0.51
CBOT soy 1412.75 -4.75 -0.34
Paris wheat 235.00 1.00 0.43
Paris maize 226.75 0.25 0.11
Paris rapeseed 436.50 0.00 0.00
WTI crude oil 68.49 -0.11 -0.16
Euro/dlr 1.1069 0.001 0.090
Most active contracts - Wheat, corn and soy US
cents/bushel, Paris futures in euros per tonne
(Reporting by Naveen Thukral; Editing by Sherry Jacob-Phillips
and Sohini Goswami)
