Wheat Falls Amid Black Sea Tensions, Soybeans Soar on Demand Hopes

U.S. wheat futures plummeted to their lowest price in over two weeks on Monday, as investors bet on a de-escalation of tensions in the Black Sea region.

The Chicago Board of Trade's December wheat contract settled at $7.22 per bushel, down by 3-1/2 cents from the previous day's close.

Analysts pointed to U.S. President Donald Trump's statement that Ukraine and Russia had agreed not to hit each other's energy goals as a key factor in the price drop.

However, soybeans bucked the trend, rising on the back of increasing crude oil prices and threats of Midwest harvest delays due to heavy rains.