Chicago wheat futures declined for the third consecutive session on Wednesday. This was due to the United States agreements with Ukraine and Russia, which halted attacks on sea targets and energy targets.

Soybeans, corn and other grains also fell due to concerns about U.S. tariffs that could reduce farm exports as well as large harvests from Brazil and Argentina.

As of 0249 GMT, the most active wheat contract on Chicago Board of Trade dropped 0.09% to $5.42-6/8 per bushel.

The U.S. reached separate agreements with Ukraine and Russia on Tuesday to secure the navigation of Black Sea. This is considered bad for wheat, as it could increase security for Russians and Ukrainian exports.

A Singapore-based trader said that the forecast of rain for the Black Sea region also posed a threat to wheat, while drought conditions on the U.S. Plains are continuing to worsen.

Both corn and soybeans are under pressure due to the growing Argentina corn and Brazil soy harvests. There is also concern over U.S. Tariffs which could lead to retaliation by major buyers such as Mexico and China.

Corn fell 0.05%, to $4.58 per bushel. Soybeans also declined by 0.1%, to $10.06-1/2 a bushel.

Analysts said that corn planting in the south of the United States is ahead of schedule. According to a report released by the United States Department of Agriculture on Monday, corn planting was 65% completed in Louisiana, 45% complete in Texas, 14% complete in Mississippi and 10% in Arkansas.

The USDA's March stock and acreage report is due next week, as well as the beginning of reciprocal tariffs in April 2.

Traders reported that commodity funds sold wheat, corn, and soybean futures contracts to the CBOT on Tuesday. Net purchases of soymeal, soyoil and corn futures were made by commodity funds on Tuesday.

(source: Reuters)