Wheat Futures Slump as Dollar Strengthens and Ukraine-Russia Diplomacy Heats Up
The Chicago Board of Trade's wheat futures are expected to open lower on Tuesday due to a stronger dollar and renewed diplomatic efforts between Russia and Ukraine.
President Trump announced that both countries have agreed to stop strikes on each other's energy facilities, raising hopes for reduced tensions in the conflict. However, they have set conditions for accepting an energy truce, which has disrupted grain exports from the Black Sea region.
The U.S. Department of Agriculture reported that 8% of the U.S. winter wheat crop was planted as of September 13, behind the five-year average pace of 12%. In contrast, 93% of U.S. spring wheat was harvested as of Sunday, slightly ahead of the average pace of 92%.
The prices for CBOT Wheat, Kansas City Wheat, and Minneapolis December spring wheat were last down at $7.12-1/2, $7.79-3/4, and $7.31 per bushel respectively.