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SINGAPORE — Chicago wheat futures slid on Monday, with costs buying and selling near final week’s lowest in nearly two years, as rain within the U.S. Plains improved the outlook for crops.

Corn costs additionally misplaced floor.

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“Whereas there’ll should be extra rain within the central and southern Plains…, a wave of precipitation definitely leaves a bearish aspect available in the market,” commodities analysis agency Hightower stated in a report.

Essentially the most-active wheat contract on the Chicago Board of Commerce (CBOT) fell 1.1% to $6.27 a bushel, as of 0900 GMT after dipping on Friday to a low of $6.24-1/4 – the weakest degree since July 2021.

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Latest rain within the drought-hit U.S. Plains and forecasts for extra have eased issues about onerous crimson winter wheat manufacturing.

In an indication that extra Ukrainian grain could hit the market, the European Fee stated on Friday it had reached a deal in precept to permit the transit of Ukrainian grain to renew via 5 European Union international locations that had imposed restrictions.

Egypt, one of many world’s high wheat importers, stated on Saturday it was strongly contemplating approving the currencies of its commodity buying and selling companions, together with main wheat exporter Russia, to attempt to cut back the necessity for {dollars}.

Paris-based Euronext wheat futures had been closed on Monday because of a public vacation in France and a number of other different European international locations.

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CBOT corn slipped 0.3% to $5.83-1/2 a bushel whereas soybeans rose by a marginal 0.02% to $14.19-1/2 a bushel.

The corn market is going through headwinds as a big Brazilian crop is consuming into demand for U.S. provides.

A bumper Brazilian soybean crop can be anticipated to circulation onto export markets, offsetting a drought-hit harvest in Argentina.

Giant speculators elevated their web quick place in Chicago Board of Commerce corn futures within the week to April 25, regulatory information launched on Friday confirmed.

The Commodity Futures Buying and selling Fee’s weekly commitments of merchants report additionally confirmed that non-commercial merchants, a class that features hedge funds, elevated their web quick place in CBOT wheat and reduce their web lengthy place in soybeans. (Extra reporting by Nigel Hunt in London; modifying by Uttaresh Venkateshwaran and Susan Fenton)