Chicago wheat futures prices fell for the second consecutive day, primarily due to easing concerns that cold weather in the United States and Black Sea regions might damage crops. Temperatures in the U.S. Plains and Midwest are expected to continue rising until March 10, which should reduce the threat of frost damage. Meanwhile, snow cover in Russia's North Caucasus and Volga regions continues to increase this week, helping protect Russian crops from cold weather impact.
Analysts stated, "Concerns related to the cold spell, particularly in Russia, now seem to be dissipating." As a result, Chicago wheat futures dropped by 1.2%, reaching the lowest point since February 13. Paris wheat futures prices, after falling for four consecutive days, remained stable.
By the end of the trading day, Chicago wheat futures were down 1.1%, at $5.87 per bushel; corn prices fell by 0.8%, while soybean prices remained mostly unchanged.
