Introduction

Wheat prices on the Chicago Mercantile Exchange fell for a sixth straight session on Wednesday, following a sharp rise the day before following strong Russian exports and signs that Moscow is ready to restart a Black Sea grain deal to offset supply cuts caused by Russia’s bombing of a Ukrainian port.

Soybeans fell to their lowest level in almost a month, and corn prices fell as pressure from favorable weather forecasts for crops outweighed demand prospects.

Wheat Contract

The most active wheat contract on the Chicago Mercantile Exchange fell 15 cents to $6.37 and a quarter cent a bushel by 1615 GMT, the lowest level since July 13 after gaining about 5%.

Soybeans and Corn Prices

Soybeans lost $21 to $13.20 and a quarter cent a bushel after hitting their lowest level since July 7.

Corn fell 9 cents to $4.98 and a quarter cent a bushel, down for the seventh straight session.

Russian Attack on Ukrainian Grain Facilities

And early Wednesday morning, a Russian attack took place in southern Ukraine, targeting grain facilities in the port of Izmail on the Danube River. The attack highlighted the prospect of further pressure on Ukrainian exports after Moscow pulled out of a deal last month that allowed grain to be shipped from Ukraine’s Black Sea ports.

But wheat futures lost most of their initial gains as the market assessed the impact of the attack on global stocks.

Russian President Vladimir Putin told his Turkish counterpart Recep Tayyip Erdogan on Wednesday that Moscow is ready to return to the Black Sea grain deal as soon as the West fulfills its obligations to export Russian grain.