SOYB - U.S. wheat slides to two-month low as traders overlook Russian warning shots
2023-08-14 17:56:30 ET
U.S. wheat futures tumbled to a two-month low Monday as Russia raised estimates for production and exports, overcoming early losses after a Russian warship fired warning shots at a cargo ship on its way to Ukraine over the weekend.
Analysts said the market's muted reaction to Russia's weekend warning shots indicate traders are waiting to see actual disruptions to Black Sea grain exports before reacting, analysts said.
The Russian military boarded the Palau-flagged cargo vessel before it continued on its way, Russia's defense ministry said.
Most-active wheat futures ( W_1:COM ) on the Chicago Board of Trade settled -2% to $6.16 per bushel and touched their lowest price since June 2, with prices also weighed by lackluster U.S. export demand, analysts said.
CBOT soybeans ( S_1:COM ) ended +1.3% to $13.26 per bushel after a big flash sale to unknown destinations and the U.S. Department of Agriculture on Friday lowered its forecasts for U.S. harvests, while corn ( C_1:COM ) closed roughly flat at $4.87 3/4 per bushel after matching a low from January 2021 reached again in July.
ETFs: ( NYSEARCA: WEAT ), ( SOYB ), ( CORN ), ( DBA ), ( MOO )
More analysis on grain futures:
- News From Russia Could Be Very Bullish For The WEAT ETF Product
- CORN ETF: The Impact Of Ukraine-Russia Conflict, Drought And More
- DBA As Choices In Agricultural ETF Products Decline
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U.S. wheat slides to two-month low as traders overlook Russian warning shots