US Wheat Futures Fall for Fourth Straight Week Amid Black Sea Hopes

Chicago wheat futures are declining for the fourth consecutive week as market participants anticipate a revival of Black Sea exports and the strengthening US dollar makes US crops less competitive globally.

The most-traded wheat contract on the Chicago Board of Trade (CBOT) has fallen 2.1% to $6.92-1/2 a bushel, its lowest level in a month, with prices down 3.1% so far this week.

Corn and soybean futures have also moved lower, with corn headed for a weekly fall as market participants wait to see whether a US-China summit will produce Chinese commitments to buy US agricultural goods.

Traders are focused on renewed diplomatic efforts to end the Ukraine war and re-establish the Black Sea grain export corridor, which Turkey is stepping up efforts to achieve.