Chicago wheat falls after scaling 3-1/2-year high on Black Sea supply concerns

BEIJING: Chicago wheat futures fell on Wednesday after hitting a 3-1/2-year high in the previous session as traders weighed disruptions to Black Sea grain exports caused by ongoing conflicts, while corn and soybeans also dropped. The most-traded wheat contract on the Chicago Board of Trade (CBOT) was down 1.8% at $7.68-1/2 a bushel by 0302 GMT. CBOT corn dropped 1.7% to $5.37 a bushel, while soybeans fell 1% to $13.03-3/4 a bushel. Wheat climbed to a 3-1/2-year high on Tuesday on reports that Moscow had rejected a moratorium on attacks in the Black Sea and struck port infrastructure in the region overnight. Russia’s Deputy Foreign Minister Alexander Grushko told reporters on Wednesday that the country sees no grounds for the Black Sea grain deal to resume, as Russia and Ukraine continue to attack each other’s grain export facilities. Prices had fallen after Turkey said on Monday that it had prepared a plan for the safe passage of grain via the Black Sea. Turkey has repeatedly expressed willingness to revive a UN-brokered deal that got grain out of Ukraine during wartime. Russia attacked Ukraine’s port infrastructure and a border crossing with Romania in the southern Black Sea regio