Wheat Prices Plummet Amid Profit-Taking, Diplomatic Efforts Continue
The global wheat market took a hit on Wednesday as prices declined due to profit-taking following a steady rise. The Chicago Board of Trade's most traded wheat contract settled at $7.28-3/4 a bushel, down from its 3-1/2-year-high of $7.95 reached last week.
The drop in wheat prices comes as diplomatic efforts to stop Russia's war against Ukraine continue, with the Kremlin stating that Russia hopes U.S.-mediated talks will resume soon. The preferred venue for these talks is Abu Dhabi.
Corn and soybeans also declined on Wednesday, with corn dropping 5-3/4 cents to $5.27-3/4 per bushel and soybeans falling 6-3/4 cents to $13.09-12 per bushel. The decline in these commodities comes after reaching their highest levels in three years last week due to concerns over U.S. crop yields and Black Sea disruptions.