Black Sea Conflicts Drive Chicago Wheat Prices Down 1.8%

Chicago wheat futures fell by 1.8% to $7.68-1/2 per bushel on Wednesday after hitting a three-and-a-half-year high in the previous session due to concerns over Black Sea grain exports.

The disruptions were caused by ongoing conflicts, with Russia's Deputy Foreign Minister Alexander Grushko stating that the country sees no grounds for the Black Sea grain deal to resume as long as Ukraine continues to attack Russian grain export facilities.

However, Turkey has expressed willingness to revive a UN-brokered deal that would allow grain to be transported via the Black Sea, and has prepared a plan for safe passage.