Wheat Drops on Russia Exports, Europe Rain; Corn, Soybeans Gain
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Wheat futures fell to a two-week low as Russia prepared to lift an export ban next month and rains expected this week in Europe eased drought concerns. Corn and soybeans rose.
Russia, once the world’s second-biggest wheat exporter, will allow shipments starting on July 1. The ban was imposed in August after drought slashed crops. This year, France, Europe’s top grower, is suffering from the driest spring in 50 years, forecaster France Meteo said. Showers were expected this weekend after rain helped crops in Germany, Telvent DTN said.