CBOT Wheat Prices Slip Amid Ongoing Ukraine Conflict Developments

The price of wheat futures on the Chicago Board of Trade (CBOT) declined on Wednesday as traders weighed the impact of ongoing diplomatic efforts to end Russia's war with Ukraine.

The CBOT December soft red winter wheat was last down 1/2 cent to $7.46-1/2 per bushel, while Minneapolis December spring wheat gained 1/2 cent to $7.55-1/2 per bushel.

Ukrainian President Volodymyr Zelenskiy stated that Ukraine struck targets at Novorossiysk, including a naval base and an oil loading terminal. Traders noted unconfirmed reports of damage to grain infrastructure at the port.

The Kremlin expressed hope for resuming US-mediated talks soon, with Abu Dhabi as a preferred location. Sovecon lowered its Russian grain export forecast due to growing disruptions in the Azov-Black Sea canal.