COM - U.S. wheat futures fall to 29-month lows ahead of export deal deadline

Chicago wheat futures fell Monday to their lowest since September 2021 , as traders said rain across key growing areas during the weekend raised harvest prospects for the crop.

Also, traders expect the deal allowing grain shipments from Black Sea ports in Ukraine will be extended in the coming weeks, as Russian wheat exports have been aggressively priced and many traders said Russia's behavior does not appear to indicate against the deal being renewed.

CBOT wheat for May delivery ( W_1:COM ) finished -1.6% to $7.11/bu, after falling to as low as $7.05 3/4, the lowest price on a continuous basis for the most-active contract since September 30, 2021.

Also, CBOT May corn ( C_1:COM ) closed -0.9% to $6.44 1/4/bu and May soybeans ( S_1:COM ) settled -0.4% to $15.13 1/2/bu.

ETFs: ( NYSEARCA: WEAT ), ( CORN ), ( SOYB ), ( NYSEARCA: DBA ) ( MOO )

Large snowfalls in the Upper Midwest and Great Lakes region may prove well-timed, given the potential to alleviate drought conditions as spring planting season approaches, CoBank's Ken Zuckerberg said.

A period of choppy trading could occur as the world grain market waits to see if the Black Sea grain export corridor deal is extended, AgResource said, adding it viewed grain futures as currently "oversold."

Wheat prices ( WEAT ) have displayed a bullish trend in recent weeks but there's "lots of volatility ahead for the commodity that feeds the world," Andrew Hecht writes in an analysis published recently on Seeking Alpha .

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