Chicago wheat fell on Wednesday after the top grain exporter, Russia, agreed to temporarily stop attacking energy installations in rival supplier Ukraine. However it refused to endorse a complete ceasefire.

The corn market fell again, mainly due to expectations that plantings in the United States will be higher this year. However, soybeans rose a little.

Ole Houe is the director of advisory services at Ikon Commodities, Sydney.

The Black Sea was a reliable source of supplies, except for the first two weeks of the war.

As of 0235 GMT, the most active wheat contract on Chicago Board of Trade fell by 0.9% to $5.60 per bushel and corn dropped 0.2% to $4.57-3/4. Soybeans rose 0.2% to $10.14-3/4 per bushel.

On Tuesday, Russian President Vladimir Putin agreed to temporarily cease attacking Ukrainian energy installations but refused to endorse a 30-day full-scale ceasefire which U.S. president Donald Trump had hoped would be a first step towards a permanent peace agreement.

S&P Global Commodity Insights forecast on Tuesday that U.S. corn farmers will plant 94.3 millions acres in 2025. This is up 800,000 from the previous forecast, released on January 21, and up 3.7million acres from 2024.

The firm's forecast for U.S. soybean plantings in 2025 remained unchanged since January, at 83.3 millions acres. This is down 3.8million acres from the previous year.

The USDA reported Monday that weekly inspections of wheat were higher than expected, whereas corn and soybean volumes fell within the range of estimates.

CME Group, a financial markets operator, announced on Tuesday its plans to launch cash settled futures for European rapeseed oils next month using an Argus Media Dutch price index.

Traders reported that commodity funds sold CBOT futures contracts for corn, soybeans, soymeal, and wheat on Tuesday. Soyoil futures were bought by funds. (Reporting and editing by Alan Barona, Rashmi aich, and Naveen Thural)

(source: Reuters)