Wheat Futures Dip as Black Sea Export Disruptions Continue

Chicago wheat futures dipped lower on Tuesday but held onto most of their gains from the previous session, as ongoing fighting between Russia and Ukraine continues to disrupt Black Sea exports.

Russian wheat export prices fell last week due to rising freight rates and insurance premiums, although analysts still expect Russia to ship more wheat in August than July.

Meanwhile, corn futures rose after the US Department of Agriculture reported that the condition of US crops was worse than expected, with only 61% rated as good-to-excellent.

Soybeans slipped lower, with a recent hot streak of US export sales undercut by ample supply, while Brazil's soybean crop is expected to reach a record 183.1 million metric tons this season.