COM - Wheat dips below $7 per bushel as Black Sea grain deal poised to continue

2023-03-06 18:16:59 ET

Wheat futures on the Chicago Board of Trade slumped to fresh 17-month lows Monday, falling below the $7 per bushel level , as traders anticipate the renewal of the deal allowing grain shipments from Black Sea ports in Ukraine.

Wheat prices have been under steady pressure in recent days as traders believe the Ukraine grain shipping corridor, which is set to expire March 19, will be extended.

CBOT wheat for May delivery ( W_1:COM ) settled -1.8% to $6.95 3/4 per bushel, slipping below $7 for the first time since September 2021, while May corn ( C_1:COM ) closed -0.2% to $6.38 1/2 per bushel and May soybeans ( S_1:COM ) finished +0.6% at $15.29 3/4 per bushel.

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

The U.S. Department of Agriculture's National Agricultural Statistics Service in a weekly crop report Monday rated 17% of the winter wheat in Kansas in good to excellent condition, down from 19% a week earlier.

There's "lots of volatility ahead" for wheat prices, Andrew Hecht writes in an analysis published recently on Seeking Alpha .

For further details see: