Wheat Markets Ease Amid Rumors of Black Sea Grain Shipment Agreement

Wheat markets have eased in recent weeks as traders react to rumors of a potential agreement on Black Sea grain shipments.

Russia's grain terminal capacity in the Black Sea and Sea of Azov could restart relatively quickly if attacks stopped, with up to 80% of its capacity able to resume operations within a short period.

The disruption has led to increased use of Baltic terminals, which previously handled coal and fertiliser, resulting in September wheat exports now estimated at about 2.3 million tonnes.

Argentina is benefiting from the disrupted Black Sea trade, with strong corn and wheat export demand driving its agricultural sector.