Wheat declined for the first time in four days and corn retreated from a six-month high as concern eased that tension between Ukraine and Russia will disrupt exports from the Black Sea region.

Wheat for May delivery lost as much as 1.2 percent to $6.36 a bushel on the Chicago Board of Trade and was at $6.385 by 12:29 p.m. in Singapore. Futures reached $6.4575 yesterday, the highest since Dec. 10. Corn fell 0.7 percent to $4.81 a bushel after prices touched $4.85 yesterday, the highest since Sept. 3.

Russian President Vladimir Putin said yesterday he saw no immediate need to invade Ukraine while leaving open the possibility of using force. Ukraine, set to be the third-biggest corn exporter and sixth for wheat, put its military on high alert after Russia seized control of Crimea. While export or spring-planting disruptions in Ukraine may bolster prices in the near term, global inventories are sufficient to offset modest disruptions, said Goldman Sachs Group Inc.

“Easing concerns over export disruption in Black Sea region is weighing on prices,” Vanessa Tan, an analyst at Phillip Futures Pte., said by phone from Singapore today.

Ukraine is forecast to ship 18.3 million metric tons of corn in the 2013-2014 season through June from 13.6 million tons a year earlier to become the leading exporter after Brazil and the U.S., according to the International Grains Council. The nation may boost wheat exports this season to 9.5 million tons from 7.1 million a year earlier, the IGC estimates.

Soybeans for May delivery traded at $14.2375 a bushel in Chicago from $14.23.

To contact the reporter on this story: Supunnabul Suwannakij in Bangkok at This email address is being protected from spambots. You need JavaScript enabled to view it.

To contact the editor responsible for this story: James Poole at This email address is being protected from spambots. You need JavaScript enabled to view it.