The most active corn contract for July delivery fell 22.25 cents, or 2.95 percent, to settle at 7.3125 U.S. dollars per bushel. July wheat plunged 46.25 cents, or 4.25 percent, to settle at 10.4125 dollars per bushel. July soybean rose 7 cents, or 0.42 percent, to settle at 16.9025 dollars per bushel.
Soybean found support on new export demand, while corn and wheat collapsed on continued expectations that old crop Ukrainian corn and wheat supplies will be given a safe export passage through the Black Sea.
Should Russia's blockade of Ukrainian ports in the Black Sea be ongoing, premium will be added swiftly and violently as hundreds of millions of potential Ukrainian exports will remain absent from the world marketplace. Chicago-based research company AgResource cautions against chasing daily breaks and rallies until clarity emerges over Northern Hemisphere crop potential.
U.S. exporters sold 132,000 metric tons of soybeans to China Wednesday. Argentina soybean offers have disappeared, while Brazilian offers have become increasingly difficult to find August onward.
Grain markets are in third day of being dominated by Black Sea conflict headlines. There has been no fundamental change in the marketplace.
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