Wheat slipped as rain in the U.S. may stabilize crop conditions in the country, the world’s biggest exporter of the grain, and as the U.S. and Europe pushed Russia to de-escalate tension with Ukraine.
Oklahoma and parts of Kansas and Texas are expected to receive as much as 0.5 inch of rain today, with more rain forecast in the next two weeks, according to World Ag Weather. About 55 percent of Texas wheat was rated poor or very poor as of March 23 from 52 percent a week earlier, the U.S. Department of Agriculture reported.
"Grains are in a stabilization phase in a context where the situation in Ukraine remains unchanged and the weather is stable, even if rains remain rather weak for the time being," Paris-based farm adviser Agritel wrote in a market comment.
Wheat for May delivery fell 0.4 percent to $7.0575 a bushel on the Chicago Board of Trade by 6:29 a.m. The most-active future has climbed 28 percent from a low on Jan. 29. Milling wheat for November delivery traded on NYSE Liffe dropped 0.2 percent to 205.25 euros ($283) a metric ton.
The International Monetary Fund will deliver an assessment to Ukraine today on a bailout request. U.S. President Barack Obama warned Russia’s President Vladimir Putin yesterday that his country would face more sanctions if it moved further into Ukraine after annexing Crimea.
Soybeans for May delivery fell 0.5 percent to $14.215 a bushel in Chicago. Corn dropped 0.4 percent to $4.845 a bushel.