Russia-Ukraine Conflict Disrupts Wheat Futures Amid Ongoing Shipping Delays

Wheat futures plummeted on Monday as traders took profits following last week's gains. The December soft red winter wheat futures fell by a quarter of a cent to $6.89-1/4 per bushel.

The market remains disrupted due to ongoing attacks on Black Sea shipping routes by Russia and Ukraine, which have reduced shipments at Russia's main grain export hub of Novorossiysk.

Loadings at Russia's Black Sea ports remained limited, while Ukraine has shifted to shipping grain through western neighbors such as Romania. Ukrainian authorities reported a Russian attack targeting port infrastructure in the country's Izmail district on the Danube River.