Wheat falls more than 3% to one-week low on supply pressure
SINGAPORE, July 7 (Reuters) - Chicago wheat futures slid nearly 3.5% and dropped to a one-week low on Monday as ample supplies from the ongoing Northern Hemisphere harvest dragged down the market.
Corn fell about 2%, while soybeans lost around 1.5% in early Asian trade as trading resumed after the U.S. Independence Day holiday on Friday.
FUNDAMENTALS
* The Most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 fell 3.4% to $5.45 a bushel as of 0026 GMT after hitting its lowest since July 1 earlier in the session. Corn Cv1 lost 1.9% to 4.25-1/4 a bushel and soybeans Sv1 shed 1.4% to $10.33-3/4 a bushel.
* Wheat prices are being anchored by an accelerating U.S. winter crop harvest and big crops in the Black Sea region and western Europe.
* There was additional pressure on the wheat market as Russia, the world's No. 1 supplier, decided to cut its export tax to zero.
* It is the first time the tax has been removed since it was introduced in 2021 to protect the domestic market from price spikes and to discourage excessive exports.
* Drought in the Rostov region, Russia's top wheat and grain producing region in 2024, is not seen affecting the overall grain harvest in Russia, Agriculture Minister Oksana Lut said on Friday, the state RIA news agency reported.
* The European Union will cut Ukrainian wheat and sugar imports by up to 80% to address its farmers' concerns, according to quotas announced on Friday, that are likely to drive Ukraine growers to sell more to markets in Asia and Africa.
MARKET NEWS
* Stock markets slipped in Asia amid much confusion as U.S. officials flagged a delay on tariffs but failed to provide any detail or paperwork on the change, while oil prices slid as OPEC+ opened the supply spigots more than expected.
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