Black Sea Tensions Ease, Chicago Wheat Prices Slip
Chicago wheat futures prices have been slipping as concerns about the Black Sea region ease following Washington's announcement that Ukraine and Russia had agreed to not target each other’s energy infrastructure.
The most active wheat contract on the Chicago Board of Trade was down 0.55% to $7.18 per bushel as of 0410 GMT, according to recent data.
Ukraine President Volodymyr Zelenskiy stated that Kyiv was ready to support the U.S. proposal of a ceasefire at energy sites if Washington could guarantee Moscow's readiness to genuinely 'end its war' on Ukraine.
The prospect of harvest delays across the Midwest did offer some support for corn and soybeans, with forecasts predicting a heavy rain in the region this coming week that could slow down fieldwork in Iowa - the largest corn producer and second largest soybean producer in the U.S.