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U.S. wheat, corn fall on hopes stuck Ukraine supply could start moving

05/26/2022 | 12:49am EDT

MUMBAI, May 26 (Reuters) - U.S. corn and wheat futures fell on Thursday on hopes that stuck grain supplies from the Black Sea region could start moving, while soybean eased on concerns over demand from top consumer China.

The most-active corn contract on the Chicago Board of Trade (CBOT) fell 1.39% to $7.61-1/2 a bushel as of 0445 GMT, after falling to the lowest level in seven weeks on Wednesday.

Russia is ready to set up a humanitarian corridor for vessels carrying food to leave Ukraine in return for the lifting of some sanctions, the Interfax news agency cited Russian Deputy Foreign Minister Andrei Rudenko as saying.

"Supply scarcity will ease significantly if exports start from Ukraine," said a Mumbai-based dealer with a global trading firm.

"But the market is sceptical. Port infrastructure in Ukraine was badly damaged in the clashes and it needs time to restore it," he said.

Ukraine had been the world's fourth-largest exporter of corn in the 2020/21 season and the number six wheat exporter, according to International Grains Council data.

Corn was also under pressure because of China's move to approve imports from Brazil, which could dent the U.S. exports, the dealer said.

Wheat was down 2.07% at $11.24-1/2 a bushel and soybeans edged 0.28% lower to $16.76-1/4 a bushel.

Soybeans are also under pressure because of plunging demand for soyoil in China, which has seen reduced consumption of the oilseed as lockdowns to prevent the spread of COVID-19 shutter restaurants and canteens.

Although, soyoil imports by India, the world's biggest importer of vegetable oils, could jump to a record after New Delhi allowed duty free imports.

Grain traders are also awaiting weekly U.S. export sales figures on Thursday for an update on overseas demand.

Oil prices rose on Thursday, extending a cautious rally this week on signs of tight supply. (Reporting by Rajendra Jadhav; Editing by Rashmi Aich and Uttaresh.V)

© Reuters 2022
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