Chicago Wheat Futures Tumble on Diplomatic Efforts to Ease Black Sea Disruptions

Chicago wheat futures plummeted on Monday as traders weighed the prospects of diplomatic efforts easing disruptions to Black Sea grain exports from Russia and Ukraine, two of the world's biggest grain suppliers.

The most-traded wheat contract on the Chicago Board of Trade (CBOT) dipped by 0.32% to $7.01 a bushel by 0140 GMT, while CBOT corn fell 0.4% to $5.26-1/4 a bushel. Soybeans remained unchanged at $13.19-1/4 a bushel.

Russian and Ukrainian attacks on ports and vessels have caused a near standstill in cargo movements in the Black Sea region, tempering expectations of a recovery in grain shipments.

However, diplomatic efforts are underway to halt mutual attacks and restore shipping in the Black Sea. Ukrainian President Volodymyr Zelenskiy announced that several countries, including India, Turkey, Egypt, and other Middle Eastern nations, were participating in talks on unblocking shipping routes.