Wheat Prices Fall Amid Profit-Taking and Diplomatic Efforts

Wheat futures fell on Wednesday due to profit-taking after a steady price increase. The market also assessed diplomatic efforts to end Russia's war with Ukraine against continued disruption to Black Sea exports.

The most-traded wheat contract on the Chicago Board of Trade was down 7-1/2 cents to USD7.39-1/4 per bushel, holding below a 3-1/2-year high of USD7.95 struck last week.

Comments from the Kremlin that Russia hopes US-mediated talks will resume soon and that it sees Abu Dhabi as a preferred venue for such talks shifted focus back to diplomatic efforts.

Corn and soybeans eased, with attention turning towards US Department of Agriculture forecasts on Friday that will offer a gauge of weather damage to Midwest crops.