PARIS/CANBERRA: Chicago wheat futures edged lower on Tuesday as worries over Russian exports subsided, and the market turned its attention to US planting and stock data later this week.
Soybean and corn futures also eased as participants monitored crop weather in South America while awaiting Thursday’s US Department of Agriculture crop estimates.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was down 0.6% at $5.51-1/2 a bushel by 1225 GMT.
The contract had struck a three-week high at $5.67 as a dispute between Russian authorities and a leading exporter stoked worries about crucial Black Sea trade.
Russian authorities are preventing the processing and shipment of about 400,000 metric tons of grains, the owner of one of Russia’s largest grain exporters, TD RIF, said on Monday.
Authorities say their action follows complaints from importing countries about non-compliance of Russian grain quality.
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