CHICAGO: US wheat futures fell on Friday, surrendering all the prior session’s gains on a stronger dollar and hopes of progress in negotiations to maintain a Ukrainian Black Sea grain export corridor. Corn and soybeans followed wheat lower, weighed down by lacklustre demand and pressured by lower energy and equities markets.
On Thursday, wheat surged after Russia’s Geneva UN ambassador told Reuters Moscow could reject a renewal of the corridor deal that has allowed wartime exports from Ukraine’s Black Sea ports.
However, there were hopes of progress in negotiations after a meeting between Russian President Vladimir Putin and Turkish counterpart Tayyip Erdogan.
“All the reasons that wheat rallied yesterday were taken away today,” said Ted Seifried, chief agriculture strategist for the Zaner Group. “Putin said he’s not happy with the deal and he may end it. Well, he hasn’t, so maybe it’s just talk.
Chicago Board of Trade soyabean futures fell on Friday on rising supplies from the ongoing US harvest and spill-over pressure from lower grain, energy and equities markets.
CBOT November soyabean futures settled down 12 cents at $13.83-3/4 a bushel.
The benchmark contract was up 1.2% in the week in a second straight weekly advance.
CBOT December soymeal settled 10 cents higher at $411.10 a ton and CBOT December soyfell 1.13 cent to 65.30 cents per lb.