Wheat Futures Set for Lower Open Amid Ongoing Black Sea Disruptions

Wheat futures are expected to open lower on Wednesday at the Chicago Board of Trade after hitting a multi-year high. The market has rallied as escalating attacks have interrupted Russian and Ukrainian grain exports from the Black Sea region.

Ukraine's grain exports declined by about 58% in August compared to a year earlier, its agriculture ministry said. Turkey's president said a mechanism was needed to permanently ensure the safety of commercial maritime transport in the Black Sea.

Russia's foreign minister said he saw no grounds to resume a deal that allowed the safe export of Ukrainian grain via the Black Sea. Russia is the world's biggest wheat exporter, and it has suspended export duties on grain until the end of 2026.