Chicago Wheat Futures Fall for Third Week Amid Black Sea Disruption

Chicago wheat futures fell on Friday as traders downplayed the threat of supply disruptions from the Black Sea region. The most-traded wheat contract on the Chicago Board of Trade (CBOT) dropped by 0.1% to $6.30-3/4 a bushel, marking its third consecutive weekly decline.

The price drop comes after Ukraine's attack on Russian export ports and terminals in July pushed prices up. However, Commonwealth Bank analyst Dennis Voznesenski said the market is treating the disruption as temporary, with both Russia and Ukraine having already harvested large wheat crops.

Voznesenski noted that 'the grain is there' but the issue lies in getting it out of the region. The ongoing Northern Hemisphere harvest is also contributing to lower prices by delivering new grain to the market.