Wheat Futures Decline Amid Black Sea Disruptions

The price of wheat futures on the Chicago Board of Trade (CBOT) declined by up to 2 cents per bushel during Tuesday's trading session, despite disruptions to grain shipments through the Black Sea limiting losses.

Weeks of attacks on shipping routes by Russia and Ukraine have reduced exports from the region, including shipments through Novorossiysk, Russia's main grain export port. This has led to a decrease in available supply, which in turn has affected prices.

In an attempt to address the shortage, Jordan's state grain buyer purchased around 60,000 metric tons of wheat on Tuesday through an international tender that had sought to buy up to 120,000 tons, according to European traders.