Wheat Futures Dive as Disruptions Continue

Wheat futures are expected to open lower on Wednesday at the Chicago Board of Trade (CBOT) after reaching a multi-year high. The market has rallied due to disruptions in grain exports from the Black Sea region caused by escalating attacks.

The CBOT wheat price hit its highest level since February 2023 before pulling back. Ukraine's grain exports declined by about 58% in August compared to a year earlier, according to the country's agriculture ministry.

Turkey's president called for a mechanism to ensure the safety of commercial maritime transport in the Black Sea region, while Russia's foreign minister stated there were no grounds to resume a deal allowing safe export of Ukrainian grain via the Black Sea.