Grains soften ahead of Ukraine export corridor talks
Wheat and corn futures have softened on prospects of a grain export corridor for Ukraine.
StoneX commodity broker Craig Turner says Russia and NATO officials are expected to meet June 8th.
“That does cause basically the world to now second guess how tight are exports going to be for old crop and new crop. So we saw wheat lead that market lower, everything else had to follow.”
He tells Brownfield wheat futures have lost about $2 and the more friendly Black Sea news helped drag corn lower too.
“Anything can happen with more grain coming out the Black Sea. That would be the most beneficial to wheat exporter stocks first, and then corn. And that really can explain the price action for the past couple of weeks.”
Turner says if the grain export corridor becomes official, wheat could return to the $9 to $11 per-bushel range. If it does not, he looks for futures “back up in the $13’s and $14’s.”