CBOT Wheat Futures Fall as Black Sea Export Disruptions Weigh On Traders

Wheat futures on the Chicago Board of Trade (CBOT) fell Wednesday as traders weighed diplomatic efforts to end Russia's war with Ukraine against ongoing disruptions to Black Sea exports.

The CBOT December soft red winter wheat price was last down 1/2 cent to $7.46-1/2 per bushel, while Kansas City December fell 1-1/2 cents to $8.17-1/2 per bushel.

Minneapolis December spring wheat gained 1/2 cent to $7.55-1/2 per bushel.

Ukrainian President Volodymyr Zelenskiy said Ukraine struck targets at Novorossiysk, including a naval base and an oil loading terminal. Traders cited unconfirmed reports that grain infrastructure at the port had also been damaged.

The Kremlin said Russia hopes U.S.-mediated talks will resume soon and sees Abu Dhabi as a preferred location for such negotiations.