Wheat Futures Decline Amid Ukraine Vessel Traffic Concerns

The Chicago Board of Trade (CBOT) saw wheat futures decline on Friday as traders adjusted their positions ahead of the weekend.

The drop in wheat prices was partly due to reports that Ukraine was exploring ways to keep vessels moving through its Odesa ports, despite Ukraine's agriculture minister denying any alternative mechanisms were being considered for Black Sea grain exports.

A North Dakota crop tour reported average hard red spring wheat yields at 48.0 bushels per acre, down one bushel from last year but above the five-year average of 45.8 bu./ac.

In contrast, soybean futures closed higher for the week, despite losses in crude oil prices.