Wheat Prices Plummet as Black Sea Supply Concerns Bite

Chicago wheat futures fell on Wednesday after reaching multi-year highs due to concerns over Black Sea supply. The price of wheat had surged in previous sessions, hitting a high not seen in 3-1/2 years.

The decline was also reflected in corn and soybean prices, which dropped from recent highs.

According to Darin Fessler, senior hedge advisor at Lakefront Futures, 'They are bending but not breaking.' He noted that there is a strong reason for the markets to want to go higher.