WHEAT prices held their biggest daily drop in more than a week as India, the second-largest grower, looks set to export a record amount of the grain in the coming year to help fill the gap left by choked Black Sea supply.
Another bearish sign was a significant improvement in the condition of Kansas winter wheat, which will be harvested in future months. Countering the mood to some extent was that Australia has “pretty well” sold out of wheat in the first half of this year, and most of the available capacity is now in the second half.
The market is closely watching talks between Russia and Ukraine starting later Tuesday in Istanbul, and any progress will boost optimism that more crops can be planted and harvested in Ukraine this year than expected until now.
Corn futures fell for a second day, while soybeans held their worst drop in about a month. Traders are counting down to reports on initial U.S. planting intentions and quarterly stockpiles scheduled for Thursday this week.