Wheat Futures Plunge on Black Sea Conflict Hopes

Wheat futures on the Chicago Board of Trade fell sharply on Monday after hopes emerged for a reduction in tensions in the Black Sea conflict that has disrupted grain shipments from the region.

The December soft red winter wheat contract settled down 3-1/4 cents at $7.22 per bushel, its lowest point since August 26. The contract reached $7.10 during the session.

Kansas City December hard red winter wheat ended down 6 cents at $7.92-1/2 per bushel, while Minneapolis December spring wheat fell 8-3/4 cents to close at $7.36-1/4 per bushel.