Russia, the world’s fifth-biggest wheat exporter, banned food imports from the U.S., European Union, Canada, Australia and Norway in retaliation for sanctions linked to the conflict in Ukraine, the ninth-largest shipper.
Soybeans climbed for a second day in Chicago as a jump in U.S. exports added to supply concerns amid declining stockpiles and flooding in parts of the nation’s Midwest region that may curb yields.
Corn futures fell to a 40-month low on speculation that inventory will surge the most in 19 years in the U.S., the world’s biggest producer. Wheat dropped to the cheapest since 2011.
Wheat dropped to an 18-month low and corn and soybeans declined after the U.S. government said global supplies will be bigger than forecast last month.
Surging supplies of U.S. corn and soybeans coupled with higher revenue for specialty crops will boost farm incomes to a record this year even after grain prices fell, the U.S. Department of Agriculture said.
