U.S. wheat futures fell sharply on Thursday, as signs of progress in Russia-Ukraine peace discussions weighed on the market, while corn and soybeans also retreated.
Reports of progress in talks between Russia and Ukraine added pressure by raising hopes of an eventual easing of Black Sea shipping disruptions. However, there was no indication that an agreement to end the war was imminent. Wheat also faced pressure from upwardly revised global wheat ending stocks and a stronger U.S. dollar. December Chicago dropped 15 ¼ cents to $5.84 ¼, December Kansas City lost 17 ¼ cents to $6.22 ¼, and December Minneapolis was down 12 ¾ cents at $6.22 ¾.
Reports that China's October imports were down more than 22% year-over-year weighed on soybeans, despite confirmation of another U.S. export sale of 136,000 tonnes. January beans lost 11 ¾ cents to $12.19, and new-crop November fell 12 ¼ cents to $11.76.
Corn futures followed the broader grain market lower, as the market faltered from Tuesday's USDA report, which lowered estimated U.S. corn production and ending stocks more than analysts expected. December and March each lost 5 ½ cents to end at $4.42 ½, and $4.54 ¾.
