(Bloomberg) -- The Global Grain conference in Geneva, where more than 1,000 traders, shippers and agribusiness executives are gathering, gets into full swing Wednesday.

Here are the latest developments, updated throughout the day:

Soybean Risk

U.S. soybean prices are likely to drop further if the country doesn’t resolve its trade spat with China and if there are large South American supplies, said Dan Basse, president of consultant AgResource Co. Without a trade deal, futures could fall as low as $7.50 a bushel, he said.

Wheat Outlook

Global wheat prices will probably rise as stockpiles in major exporters remain tight relative to consumption, according to Basse. In top shipper Russia, the government is unlikely to introduce an export ban, but may use other measures to restrict sales, he said. Basse said European Union exports may be as much as 5 million metric tons below what the U.S. government is expecting, and that American shipments should pick up in December or January.

To contact the reporters on this story: Megan Durisin in London at mdurisin1@bloomberg.net;Anatoly Medetsky in Moscow at amedetsky@bloomberg.net

To contact the editors responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net, Nicholas Larkin

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