Chicago wheat futures fell on Tuesday, after Russian President Vladimir Putin expressed readiness to allow blocked Ukrainian grain vessels from Black Sea ports.
Corn was pressured by falling wheat, while soybeans saw profit-taking after earlier life-of-contract highs.
The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 fell 65-1/2 cents to $10.92 a bushel, its biggest daily decline since March 16.
Corn Cv1 slipped 22 cents to $7.55-1/4 a bushel, while soybeans Sv1 lost 38-1/4 to $16.94 a bushel, after reaching a contract-high $17.49-1/4.
Easing Of Sanctions
Putin said on Monday that Russia was willing to facilitate Ukrainian wheat exports through the Black Sea, as well as shipments of Russian fertiliser, if western sanctions were eased, according to a Kremlin readout of talks with the president of Turkey.
"All those eastern acres, whether it’s Ukrainian or outright Russian production, (Putin) sees that as an opportunity to alleviate some of the sanctions," said Dan Hussey, senior market strategist at Zaner Group.
The conflict between top grain exporters Russia and Ukraine since late February has roiled global grain markets and stirred increasing worries over a global food crisis.
Ukraine's winter wheat harvest in its controlled area is expected to reach 20.1 million tonnes in 2022, down from about 32.2 million tonnes for the overall wheat crop in 2021, Ukrainian state weather forecasters said on Monday.
Soybean futures climbed to new highs overnight, spurring farmer selling and fund profit-taking as attention will soon turn from planting progress to growing season weather.
Recent rains across the Northern Plains and Midwest have prevented farmers from planting, as the ideal window for seeding nears an end.
"Spring wheat planting might not be as robust," said John Zanker, market analyst at Risk Management Commodities. "Same with corn. I just doubt we’re going to see trade expectations met in North Dakota, South Dakota, Minnesota."