Wheat Prices Dip on Hopes for Black Sea Conflict De-Escalation

Wheat futures on the Chicago Board of Trade fell on Monday after hopes emerged for a reduction in tensions in the Black Sea conflict that has disrupted grain shipments from the region. Hopes of de-escalation led to wheat prices dipping, with December soft red winter wheat settling down 3-1/4 cents at $7.22 per bushel.

The contract hit its lowest point since August 26, reaching $7.10 during the session. Kansas City and Minneapolis December wheat futures also fell, closing at $7.92-1/2 per bushel and $7.36-1/4 per bushel respectively.

President Donald Trump's announcement on social media that Ukraine and Russia had agreed not to target each other’s energy infrastructure led to the reversal in wheat prices. However, Ukrainian President Volodymyr Zelenskiy expressed doubts about Russia's commitment to this agreement.