* Wheat drops to lowest since April 2021 on ample supplies
* Soybeans, corn supported by bargain-buying
HAMBURG, May 22 (Reuters) - Chicago wheat futures fell below $6 a bushel for the first time in more than two years on Monday, as expectations of ample global supplies weighed on prices after a wartime deal to ship Ukrainian grains was extended last week.
Corn and soybeans rose on bargain-buying after recent falls.
Chicago Board of Trade most-active wheat fell 0.7% to $6.00-1/2 a bushel at 1108 GMT, after hitting its lowest since April 2021 at $5.96-1/4 a bushel.
Corn rose 0.9% to $5.59-1/2 a bushel, soybeans rose 0.7% to $13.16-1/2 a bushel.
Last week, the deal for a safe shipping channel for Ukraine’s grain exports was extended for two more months, easing concerns over world supplies.
“Wheat continues to face downward pressure from the deal to prolong the Ukrainian shipping agreement,” said Matt Ammermann, StoneX commodity risk manager. “This will keep Ukrainian wheat flowing into export markets at a time when cheap wheat from Russia and other Black Sea exporters is also available in large volumes.”
“There are expectations Russian and EU new crop wheat exports could also reach record volumes. Reports of more EU wheat being shipped to the U.S. is also a bearish factor.”
Another consignment of about 30,000 tonnes of European Union origin wheat, believed to be from Poland, is expected to be shipped to the United States in June or July, European traders said on Monday. This followed two shipments earlier this year.
Concern about the deteriorating quality of the U.S. winter crop limited losses.
Agricultural markets were watching the U.S. debt ceiling talks.
“Soybeans and corn are seeing buying interest following price falls last week,” Ammermann said. “There is market focus on the U.S. debt talks, if an agreement seems likely this could spark more buying interest in grains and soybeans.” (Reporting by Michael Hogan in Hamburg, additional reporting by Naveen Thukral in Singapore, editing by Sharon Singleton)
