Black Sea Export Hopes Weigh on Wheat Prices
Chicago wheat prices fell on Monday as traders weighed the impact of diplomatic efforts to ease disruptions to Black Sea grain exports from Russia and Ukraine, two of the world's biggest grain suppliers.
The most-traded wheat contract on the Chicago Board of Trade (CBOT) was down 0.32% at $7.01 a bushel by 0140 GMT.
Ukrainian President Volodymyr Zelenskiy said that India, Turkey, Egypt, and other Middle Eastern countries were taking part in talks to unblock shipping in the Black Sea, with Turkey submitting proposals to Moscow on the security of shipping.
Traders hope a truce could lead to a recovery in cargo movements at near-standstill in the Black Sea region, where Russia could quickly restart up to 80% of its grain terminal capacity if diplomatic efforts result in a ceasefire.