Wheat Futures Fall as Ukraine Conflict Weighs on Black Sea Exports

Wheat futures on the Chicago Board of Trade declined as traders weighed diplomatic efforts to end Russia's war with Ukraine against ongoing disruptions to Black Sea exports.

The December soft red winter wheat contract fell 1/2 cent to $7.46-1/2 per bushel, while Kansas City December hard red winter wheat dropped 1-1/2 cents to $8.17-1/2 per bushel.

Ukrainian President Volodymyr Zelenskiy announced that Ukraine struck targets at Novorossiysk, including a naval base and an oil loading terminal, with unconfirmed reports suggesting damage to grain infrastructure at the port.

The Kremlin stated that Russia hopes U.S.-mediated talks will resume soon, with Abu Dhabi seen as a preferred location for negotiations.