Chicago wheat edges lower as Russian exports in focus

Wheat traded in Chicago fell for a third day, as prices come under pressure from Black Sea supplies. 

Futures are in retreat after rising to the highest level in nearly two months last week amid concerns over bad weather in Europe. Supply worries have eased as top exporter Russia shipped 5.6 million tons of wheat in August, a record for that month, Interfax reported citing Rusagrotrans analytical center.

“Competition from Black Sea origins remains the main force behind the price movement,” analysts at Argus media wrote in a note. “In this context, operators are waiting for major importing countries to return to purchasing.”

However, some price volatility may remain in play with production and export estimates from Russia still fluctuating. On Monday, IKAR trimmed its outlook for Russian wheat production.