COM - Wheat price plunges on potential resumption of Black Sea grain shipments

Wheat futures on the Chicago Board of Trade fell by the exchange limit in Tuesday's trading on the possibility that Russia could lift its blockade of Black Sea ports in exchange for the removal of sanctions. Wheat for July delivery (W_1:COM) settled -6.1% to $10.87 1/2 per bushel, its lowest level since May 4, as Russia reportedly discussed Black Sea exports with Turkey on Monday and said it is willing to help ensure Ukrainian exports, although some analysts remain skeptical. Chicago corn (C_1:COM) for July delivery closed -3.1% at $7.535 per bushel, the lowest since April 7, and July soybeans (S_1:COM) finished -2.8% at $16.83 1/4 per bushel. ETFs: (NYSEARCA:WEAT), (NYSEARCA:CORN), (NYSEARCA:SOYB) In the U.S., a June weather forecast looked favorable for much of the Farm Belt, and a report showed U.S. farmers were making progress in planting. "We are not seeing confirmation yet of a threatening summer forecast," and

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Wheat price plunges on potential resumption of Black Sea grain shipments