GRAINS-Wheat falls on firm dollar, hopes for Black Sea corridor talks

By Karl Plume

CHICAGO, Oct. 14 (Reuters)U.S. wheat futures fell on Friday, giving up all previous session gains on a stronger dollar and hopes for progress in talks to maintain a Ukrainian Black Sea grain export corridor.

Corn and soybeans trailed wheat lower, weighed down by lackluster demand and indirect pressures from falling energy and equity markets. MKTS/GLOB

Wheat’s decline, its third in four sessions, put it on track for a second straight weekly decline.

Wheat had surged Thursday after Russian Ambassador to the UN in Geneva told Reuters that Moscow could reject a renewal of the corridor deal that allowed wartime exports from Ukraine’s Black Sea ports.

However, there were hopes for progress in the negotiations after a Meet between Russian President Vladimir Putin and his Turkish counterpart Tayyip Erdogan.

“All the reasons why wheat rallied yesterday have been taken away today,” said Ted Seifried, chief agricultural strategist for the Zaner Group.

“Putin said he wasn’t happy with the deal and he could end it. Well, he’s not, so maybe it’s just a discussion… Then the dollar turns around, picking up most of yesterday’s weakness,” he said.

Chicago Board of Trade December Wheat WZ2 fell 23-1/2 cents to $8.68-3/4 a bushel at 11:58 a.m. CDT (1758 GMT). December Corn CBOT CZ2 fell 5-3/4 cents to $6.92 a bushel as November soybeans SX2 lose 9 cents to $13.86-3/4 a bushel.

Weak export demand has put pressure on corn as the US Department of Agriculture on Friday reported net sales of just 260,700 tonnes last week, below trade expectations. EXP/CORNUSDA/EST

Tepid sales also weighed on soybeans, although weekly sales of 724,400 tonnes were in line with estimates. EXP/SOYA

Several large daily soybean export sales announcements by the USDA this week totaling 1.622 million tonnes, mostly to major importer China, offered little support for futures contracts as trades are seen as routine sales, traders said.

(Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore Editing by Kirsten Donovan)

((; +1 313 484 5285; Reuters Messaging:

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button