A new agreement that could protect Black Sea shipping sent wheat futures lower on Tuesday, while corn and soybeans also finished weaker.
The US said today that it had reached a deal with Russia and Ukraine to ensure safe navigation in the Black Sea. The agreement, which will also stop attacks on power-generating infrastructure, is seen as further enabling seaborne grain shipments from both countries, allowing more supply to reach international markets. Russia has previously targeted ships transporting grain from Ukrainian ports. May Chicago wheat fell a nickel to $5.43 ¼, May Kansas City lost 8 ¾ cents to $5.69 ¼, and May Minneapolis dropped 3 ¾ cents to $5.88 ½.
The losses in wheat overhung corn, as did good early planting progress in the southern production states. An estimated 45% of the 2025 Texas corn crop was planted as of Sunday, slightly ahead of last year and the five-year average. Roughly two-thirds of the crop was planted in Louisiana. May corn closed 6 ¾ cents lower at $4.57 ¾, and December was down 2 ½ cents at $4.49.
Soybeans saw some pressure from large South American production, with the soybean harvest in Brazil now almost near completion. Tariff worries also undermined soybeans. May beans dropped 5 ½ cents to $10.01 ¾, and November was unchanged at $10.06 ½.
Traders are also continuing to position themselves ahead of Monday’s USDA quarterly stocks and acreage reports, which can sometimes spark major swings in futures prices.
