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U.S. wheat prices finished lower Monday after the Financial Times reported Ukraine is nearing a deal with shipping insurers for vessels traveling between Black Sea ports, with a deal potentially in place as early as next month for as many as 30 ships.
Last month, Russia did not to renew the Black Sea grain deal and fighting has escalated since, leading many insurers to raise rates or completely avoid insuring ships passing through the region.
CBOT wheat (W_1:COM) for December delivery settled -2.1% to $6.25 1/2 per bushel, while corn (C_1:COM) also closed -2.1% to $4.82 1/2 a bushel but November soybeans ended +0.6% to $13.61 3/4 a bushel.
ETFs: (NYSEARCA:WEAT), (CORN), (SOYB), (DBA), (MOO)
After the market close, the U.S. Department of Agriculture reported the condition of the domestic spring wheat crop declined in the past week, as forecasts for hot and dry weather continued in the northern Plains.
The USDA’s weekly crop progress and conditions report said good-to-excellent ratings for the spring wheat crop fell four percentage points to 38% in the week ended August 20, while analysts had been expecting spring wheat ratings to hold steady at 42% good-to-excellent.
The USDA also said corn ratings fell one percentage point to 58% good-to-excellent and soybean ratings were flat at 59% good-to-excellent.
