Wheat Prices Plummet Amid Ongoing Ukraine Conflict

The prices of wheat futures on the Chicago Board of Trade declined as traders weighed the impact of ongoing Ukraine-Russia conflict developments.

CBOT December soft red winter wheat fell by half a cent to $7.46-1/2 per bushel, while CBOT November hard red winter wheat dropped 1-1/2 cents to $8.17-1/2 per bushel.

In contrast, Minneapolis December spring wheat gained half a cent to $7.55-1/2 per bushel.

Ukrainian President Volodymyr Zelenskiy announced that Ukraine struck targets at Novorossiysk, including a naval base and an oil loading terminal.

The Kremlin stated that Russia hopes U.S.-mediated talks will resume soon and sees Abu Dhabi as a preferred location for such negotiations.