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U.S. wheat, corn, soy fall as Ukraine-Russia fighting enters second month

Chicago Board of Trade wheat and corn futures fell on Thursday, with traders noting that the market has already absorbed supply disruptions from the Black Sea region following Russia’s invasion of Ukraine a month ago.

“It feels like the market has priced in that there will be an issue with corn and wheat coming out of Ukraine,” said Chris Robinson, founder of Robinson Ag Marketing.

Soybean futures also were weaker, pressured by a round of profit taking after three straight days of gains pushed the most-active contract Sv1 to its highest in nearly a month on Wednesday.

Weakness in crude oil and falling global vegetable oil prices added pressure on the soybean market. O/RPOI/

At 11:16 a.m. CDT (1616 GMT), Chicago Board of Trade May soybean futures SK2 were down 10-1/2 cents $17.08-1/4 a bushel.

A U.S. Agriculture Department report that showed weekly export sales of soybeans fell to 399,300 tonnes, the lowest since July and well below trade forecasts that ranged from 800,000 to 2.1 million tonnes, weighed on prices.

But a separate USDA announcement that showed private exporters reported the sale of 318,200 tonnes of soybeans to unknown destinations kept declines in check.

CBOT May corn CK2 was down 9-1/2 cents at $7.47-1/2 a bushel and CBOT May wheat WK2 shed 11-1/2 cents to $10.94-1/4 a bushel.

Weekly export sales of corn totaled 985,600 tonnes, near the low end of estimates for 900,000 to 2.2 million, and wheat export sales came in at 523,000 tonnes compared with forecasts for 200,000 to 900,000.
Source: Reuters (Additional reporting by Gus Trompiz in Paris and Naveen Thukral in Singapore; Editing by Marguerita Choy)

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