Chicago wheat falls after scaling 3-1/2-year high on Black Sea supply concerns

Chicago wheat futures slipped on Wednesday, retreating from a 3-1/2-year high set in the previous session, according to Business Recorder. Benchmark wheat was 1.8% lower at $7.68-1/2 per bushel by 0302 GMT, while corn fell 1.7% to $5.37 and soybeans eased 1% to $13.03-3/4.

Wheat had climbed on Tuesday after reports that Moscow rejected a moratorium on Black Sea attacks and struck port infrastructure in the region. Russia's Deputy Foreign Minister Alexander Grushko told reporters that Moscow sees no basis for reviving the grain agreement, as both sides keep targeting each other's grain export facilities.

Earlier, Turkey had outlined a plan for safe grain passage through the Black Sea and has repeatedly signalled willingness to revive the UN-brokered arrangement that moved Ukrainian grain during the war. In the US, the weekly crop report released Monday kept corn's good-to-excellent rating at 57%, down from 69% a year earlier, while lower soybean condition ratings left yield uncertainty supporting prices.