Wheat extends drop as traders monitor Black Sea export prospects

By Reuters News

BEIJING, Sept 23 (Reuters) - Chicago Board of Trade wheat futures continue dropped for a third straight session on Wednesday, past a four-week low, as traders monitor prospects for diplomatic efforts easing Black Sea export disruptions. Corn and soybeans gained.

FUNDAMENTALS

* The most-traded wheat contract on the Chicago Board of Trade (CBOT) was down 0.4% at $7.05-1/2 a bushel by 0150 GMT. CBOT corn gained 0.1% to $5.29-1/2 a bushel, while soybeans rose 0.2% to $13.20-1/2 a bushel.

* Renewed diplomatic efforts to end the Ukraine war kept attention on the outlook for Black Sea agricultural exports.

* Ukraine and Russia, both major grain suppliers, have voiced an interest in a limited ceasefire involving grain and energy-related targets, US Secretary of State Marco Rubio said after meeting Russian Foreign Minister Sergei Lavrov in New York.

* Traders hoped a truce could lead to a recovery in cargo movements that are at a near standstill in the Black Sea due to heavy attacks on ships and port infrastructure by both sides.

* Top wheat importers in Asia, the Middle East and Africa that count on the Black Sea region for grain have been finding it hard to secure supplies.

* However, continued attacks on ports and vessels tempered expectations of a recovery in grain shipments.


MARKET NEWS

* Oil prices edged lower on Thursday, after climbing 4% in the previous session, as Iran said it remained open to diplomacy to end the US-Iran war, though the two countries remain far apart on ways to do so.O/R


DATA/EVENTS (GMT)

0645 France Business Climate Mfg, Overall Sep

0800 Germany Ifo Business Climate, Curr Conditions, Expectations New Sep

1230 US Initial Jobless Clm 19 Sep, w/e

1400 US New Home Sales-Units Aug

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