Wheat Futures Edge Down Amid Russia-Ukraine Conflict

Chicago wheat futures declined slightly on Tuesday but retained most of their gains from the previous session due to ongoing conflict between Russia and Ukraine, which has disrupted Black Sea exports.

The CBOT's most-traded wheat contract fell by 0.4% to $6.48-1/2 a bushel as of 0649 GMT after rising 1.8% on Monday.

Russia and Ukraine have been using drones and missiles to attack each other's ships and ports, reducing shipments from these major wheat suppliers.

Analyst Andrew Whitelaw noted that Russian export prices dropped last week due to increasing freight rates and insurance premiums but still expects Russia to export more wheat in August than in July.