KANSAS CITY, MISSOURI, US — Signals the agreement brokered by Turkey and the United Nations allowing Ukrainian grain exports safe passage from Russian-blockaded Black Sea ports likely will renew pulled US wheat futures to their lowest levels since September 2021 on Monday. Forecast of beneficial rain showers stretching across hard red winter wheat growing areas in the US Plains also applied pressure.
Corn futures eased on spillover pressure from sliding wheat prices. But soybean futures rallied on global supply concerns and expectations the US Department of Agriculture will lower its outlook for Argentina’s soybean harvest to 36.65 million tonnes, down from its last projection of nearly 45 million tonnes. The news helped set new contract highs for the front seven soybean meal months.
May corn eased 2¾¢ to close at $6.37 a bushel; later months were mixed but mostly lower.
Chicago May wheat fell 13½¢ to close at $6.95¼ a bushel. Kansas City May wheat sank 18½¢ to close at $7.97¾ a bushel. Minneapolis May wheat pulled back 10¢ to close at $8.62¾ a bushel.
May soybeans advanced 10¼¢ to close at $15.29 a bushel. May soybean meal added $12.10 to close at $493.40 per ton. May soybean oil eased 0.74¢ to close at 60.45¢ a pound.