Wheat falls in Chicago as US weather eases fears of Ukraine

War Julie Inversion

Chicago, United States (Reuters) – Wheat futures traded lower by more than 3% on Monday, down nearly two weeks, amid welcome forecasts of moisture in the U.S. plains and fears of an immediate confrontation between the United States, Russia and Ukraine. , Traders said.

Maize futures retreated from the previous contract hike in the session, following the wheat fall. Soybeans closed higher, reaching a seven-month high based on expectations that drought-affected South American crops could shift to the United States.

Chicago trading wheat for March was down 25 cents at $ 7.6125 a bushel. March corn fell 10 cents to $ 6.26 a bushel.

Wheat, the main global exporter of wheat and maize, has pulled back from a nearly two-month high last week, triggered by political tensions between Russia and Ukraine.

“The Russians have said they will not do anything until the end of the Olympics, so we need to work on something in February,” said Jack Scoville of Price Futures Group in Chicago.

Meanwhile, U.S. forecasts pointed to mid-week storms bringing snowfall that will benefit most of the plains and the Midwest wheat belts, and the softening of spot markets indicates a decline in demand for wheat from domestic flour mills.

March soybeans traded in Chicago rose 20.50 cents to $ 14.9675 a bushel at $ 14.9050, the highest on the deal and the most active since the soybean maturity table on June 14th.

(Additional report by Michael Hogan in Hamburg and Gavin Maguire in Singapore)