Commodities
Black Sea Diplomacy Weighs on Chicago Wheat Prices
Chicago wheat prices fell on Monday as traders weighed the impact of renewed diplomatic efforts to end the Ukraine war and ease disruptions to Black Sea grain exports from Russia and Ukraine.
The most-traded wheat contract on the Chicago Board of Trade (CBOT) was down 0.3% at $7.04-1/2 a bushel by 0109 GMT.
Renewed diplomatic efforts, including talks between India, Turkey, Egypt, and other Middle Eastern countries, kept attention on the outlook for Black Sea agricultural exports.
Russia could quickly restart up to 80% of its grain terminal capacity in the Black Sea and Sea of Azov if a ceasefire is reached through diplomatic efforts.