CANBERRA/PARIS: Chicago wheat futures fell more than 1% on Monday as shipments from Ukrainian Black Sea ports resumed while soybean futures hit their highest in six weeks as speculators amid strong demand for US beans and soymeal.

“Ukraine resuming exports and a fall in US demand continues to weigh on wheat,” a Frenc trader said.

The most-active wheat contract on the Chicago Board of Trade (CBOT) was trading 1.3% lower at $5.68 a bushel by 1142 GMT. Corn which is also exported through the Black Sea was down 0.3% to $4.79-1/2 a bushel.

Soybeans were on track for their biggest monthly gain since February 2022, up about 4.3%. Soymeal has rallied even faster, with CBOT December meal up around 15% this month after reaching a contract high of $448.4 a ton on Friday.

US soybean meal exports are well on their way to new highs this season with big weekly sales volumes rolling in after a low soybean harvest in top soymeal supplier Argentina.