Chicago wheat futures eased on Tuesday as geopolitical tensions between Russia and Ukraine faded into the background and brisk exports of Black Sea wheat continued to pose tough competition to U.S. wheat exports, traders said.
Chicago wheat futures dipped from three-month highs on Monday on profit taking following the previous week's rally sparked by crop concerns in Europe and escalating tensions between Russia and Ukraine, traders said.
Chicago Board of Trade wheat futures reached a 12-week high on Friday as escalating tensions in Russia's war with Ukraine increased uncertainty about Black Sea exports.
Cash prices for Canada Prairie Red Spring Wheat and Canadian Western Amber Durum were up for the week ended Sept. 12, while those for Canadian Western Red Spring Wheat were mostly higher.
Chicago Board of Trade corn futures ended higher on Thursday, rebounding from a drop to near two-week lows after the U.S. Department of Agriculture (USDA) raised its estimate of the U.S. corn crop, traders said.
United States oats futures and Western Canadian cash bids for the cereal crop are seeing very different levels of activity in the first half of September.
U.S. wheat futures hit a one-week high on Wednesday, supported by signs that supply pressure from the Black Sea export region may be easing, analysts said.
The Chicago Board of Trade (CBOT) will be focusing on the monthly World Agricultural Supply/Demand Estimates (WASDE) from the United States Department of Agriculture (USDA) on Sept. 12.
Chicago soybean futures fell to a one-week low on Tuesday, with the benchmark contract Sv1 retreating back under $10 a bushel as better-than-expected U.S. crop ratings bolstered production prospects and eased worries about recent dry weather.
U.S. soybean futures rose about one per cent on Monday, supported by fresh export demand, dry weather in the Midwest crop belt and uncertainty about the start of planting in Brazil, traders said.