COM - U.S. wheat futures tumble near two-and-a-half-year lows
2023-05-30 16:56:13 ET
Wheat on the Chicago Board of Trade fell Tuesday to its lowestin nearly two-and-a-half years, as traders said U.S. exports are considered too expensive to compete on the world market.
Front-month CBOT wheat ( W_1:COM ) for July delivery closed -4.2% to $5.90 1/4 per bushel, tumbling below the $6 mark for the first time since December 2020, while July soybeans ( S_1:COM ) settled -3.1% to $12.95 3/4 per bushel and July corn ( C_1:COM ) finished -1.7% to $5.94 per bushel.
ETFs: ( NYSEARCA: WEAT ), ( SOYB ), ( CORN ), ( DBA ), ( MOO )
"Russia is flooding the market with low-priced wheat and China prefers the corn and soybeans from Brazil and all this makes for some solid pressure today," Donna Hughes of StoneX said.
Russian Foreign Minister Sergei Lavrov warned Monday that the Black Sea grain deal was in danger of collapse , saying it would no longer be operational unless a United Nations agreement to overcome obstacles to Russian grain and fertilizer exports was fulfilled.
Russia reluctantly agreed earlier this month to extend the grain deal for another two months to July 17, but said more progress was needed to advance its own interests.
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U.S. wheat futures tumble near two-and-a-half-year lows