Wheat Futures Set for Lower Open Amid Ongoing Black Sea Disruptions

Wheat futures are expected to open lower on Wednesday after hitting a multi-year high. The Chicago Board of Trade is anticipating prices to start at 6-8 cents per bushel lower than the previous day's close.

The market has been volatile due to disruptions in Russian and Ukrainian grain exports from the Black Sea region. Escalating attacks have led to a decline in Ukraine's grain exports, which dropped by about 58% in August compared to the same period last year, according to its agriculture ministry.

Turkey's president emphasized the need for a mechanism to ensure the safety of commercial maritime transport in the Black Sea. Russia's foreign minister, however, stated that there are no grounds to resume a deal allowing Ukrainian grain exports via the Black Sea, despite being the world's biggest wheat exporter.

Russia has suspended export duties on grain until the end of 2026, and CBOT December soft red winter wheat was last trading at $7.75-3/4 per bushel before retreating from its contract highs.