Wheat Futures Plummet Amid Ongoing Black Sea Disruptions

Chicago wheat futures dropped on Wednesday as traders weighed diplomatic efforts to end Russia's war with Ukraine against ongoing disruptions to Black Sea exports.

The most-traded wheat contract on the Chicago Board of Trade fell 7-1/2 cents to $7.39-1/4 per bushel by 9:45 a.m. (1445 GMT), remaining below a 3-1/2-year high of $7.95 reached last week.

Analysts said profit-taking after a steady price increase also pressured the market, while traders cited unconfirmed reports that grain infrastructure at the Russian port of Novorossiysk may have been damaged in a Ukrainian strike on the naval base and an oil loading terminal.

The Kremlin stated Russia hopes U.S.-mediated talks will resume soon, with Abu Dhabi as a preferred venue for such discussions, shifting focus back to diplomatic efforts.