Chicago wheat futures dipped on Monday, nearing a four-month low reached last week. The decline came as traders anticipated higher Russian wheat exports, which offset strong demand for US grain. The most-traded wheat contract on the Chicago Board of Trade (CBOT) fell 0.3% to $6.01-3/4 a bushel by 0128 GMT.
Wheat prices have dropped nearly 25% since early September as speculative investors exited long positions accumulated in August. Corn and soybean futures, meanwhile, rose slightly after recent sharp declines attracted bargain buyers. Corn gained 0.4% to $4.49-1/2 a bushel, while soybeans climbed 0.2% to $12.37-1/4 a bushel.
The outlook for increased Black Sea wheat shipments grew after reports that Russia allowed grain export vessels to leave the Sea of Azov for the first time since July 10. The disruption to Black Sea exports due to the Russia-Ukraine war had pushed grain prices higher in August, but global supplies have not been as scarce as some had anticipated.
US wheat and soybean exports have remained robust recently, partly due to lower prices. The European Commission also trimmed its wheat and corn harvest estimates on Friday. Additionally, large speculators expanded their net short position in CBOT wheat in the week ended October 27, while switching to a net short position in corn and reducing their net long position in soybeans.