Global grain prices slide as rain falls on drought-hit US plains

The European Commission said last week it had reached a deal in principle to allow the transit of Ukrainian grain to resume through five EU countries that had imposed restrictions.

Recent rain in the drought-hit US plains and forecasts for more have eased concerns about hard red winter wheat production.

US wheat prices slid in the latest session, with prices trading close to last week's lowest in almost two years, as rain in the US plains improved the outlook for crops.

"While there will need to be more rain in the central and southern plains...a wave of precipitation certainly leaves a bearish element in the market," commodities research firm Hightower said in a report.