Wheat Futures Ease from Multi-Year Highs Amid Diplomatic Efforts and Russian Wheat Build-up

The Chicago wheat futures market has eased from its multi-year highs reached on Monday due to a build-up of wheat in Russia and diplomatic efforts to stop attacks on Black Sea ships.

Analysts pointed out that the growing supply of Russian wheat at a steep discount to US wheat has tempered the disruption to grain exports out of the Black Sea. Volodymyr Zelenskiy, the Ukrainian president, said there would be a 'diplomatic path' with Russia regarding Black Sea attacks.

As a result, importers are increasingly seeking alternatives to Russian or Ukrainian wheat, pushing up physical premiums within the European Union.