Wheat Futures Set for Lower Open Amid Ongoing Disruptions

The wheat futures market is expected to open lower on Wednesday at the Chicago Board of Trade (CBOT) after hitting a multi-year high. The CBOT wheat price has been rising due to disruptions in Russian and Ukrainian grain exports from the Black Sea region, which have increased in recent times.

Ukraine's grain exports declined by about 58% in August compared to a year earlier, according to its agriculture ministry. This decline is attributed to escalating attacks that have interrupted the safe export of Ukrainian grain via the Black Sea.

Russia's foreign minister stated that there are no grounds to resume a deal allowing the safe export of Ukrainian grain. Russia is the world's largest wheat exporter, and this statement has contributed to the decline in wheat futures prices.