CBOT Wheat Futures Fall on Lack of Bullish News and Black Sea Disruptions

Chicago Board of Trade wheat futures fell on Thursday due to a lack of bullish news and hopes for a diplomatic solution to ease disruptions affecting Black Sea grain exports. According to traders, the CBOT December soft red winter wheat settled down 3-3/4 cents at $7.27 per bushel. The Minneapolis December spring wheat also declined, falling 3-1/2 cents to finish at $7.52-1/2 a bushel.

A proposal sent by Turkey to Russia and Ukraine for a truce on strikes against commercial shipping in the Black Sea raised hopes of military de-escalation in the region. However, traders remained cautious as Turkey has previously proposed similar measures with little success. The U.S. Department of Agriculture reported net export sales of 325,900 metric tons in the week ended September 10, aligning with trade expectations of 150,000 to 500,000 tons.