Internationally Wheat Eases Below $10.6 per bushel

Chicago: wheat futures were below $10.6 per bushel, not far from the 7-week low of $10.3 as concerns of shortages momentarily eased for large importers.

India’s food ministry said it may reintroduce wheat exports to selected neighbors depending on availability, including major exporter Indonesia, backtracking the decision to ban shipments that supported prices to near record-highs in May.

Meanwhile, investors continued to monitor diplomatic developments regarding possible Ukrainian grain shipments.

Expectations for the resumption of exports from Ukraine remain subdued as the West is unlikely to relax sanctions on Moscow, a necessary requirement by the Kremlin to open trade corridors in the Ukrainian Black Sea and Sea of Azov ports.

22 million tonnes of Ukrainian grain are estimated to be stuck in port silos since shipments were halted on February 24.