Commodities
Wheat Prices Drop Amid Diplomatic Efforts to End Russia-Ukraine War
Chicago wheat futures declined on Wednesday as traders weighed diplomatic efforts to end Russia's war with Ukraine against ongoing disruptions to Black Sea exports. The most-traded wheat contract on the Chicago Board of Trade fell by 7-1/2 cents to $7.39-1/4 per bushel.
The market was also influenced by profit-taking after a steady price increase, analysts said. Wheat prices had risen earlier in the session following news of a Ukrainian strike on the Russian port of Novorossiysk.
President Volodymyr Zelenskiy stated that Ukraine struck targets at Novorossiysk, including a naval base and an oil loading terminal, although unconfirmed reports suggest grain infrastructure may have been damaged.