US wheat plummets in Chicago as Russia considers Ukrainian grain exports

By Christopher Waljasper

CHICAGO (Reuters) – Chicago’s wheat future plummeted on Tuesday after Russian President Vladimir Putin said he would allow banned Ukrainian grain ships to leave Black Sea ports.

The fall in wheat put pressure on maize, while gains ended with soybeans being cut from contract hikes.

On the Chicago Stock Exchange, the most active wheat deal fell 70 cents to $ 10.8750 a bushel, the biggest drop in a day since March 16.

Maize was down 23.75 cents at $ 7.5350 a bushel, while soybeans were down 49 cents at $ 16.8325 a barrel, hitting a high of $ 17.4925.

Putin said on Monday that Russia was ready to ease Ukrainian wheat exports and Russian fertilizer exports across the Black Sea if Western sanctions were eased, according to the Kremlin reading of talks with the president from Turkey.

Recent rains in the northern plains and the Midwestern United States have prevented farmers from planting as the best window for sowing approaches.