Wheat Prices Plummet on Black Sea Conflict De-escalation Hopes
The price of wheat futures on the Chicago Board of Trade (CBOT) fell on Monday after hopes emerged for a reduction in tensions in the Black Sea conflict.
The December soft red winter wheat contract settled at $7.22 per bushel, down 3-1/4 cents from its previous close.
This is the lowest price since August 26, when it reached $7.10 during trading hours.
The Minneapolis December spring wheat contract also fell, closing at $7.36-1/4 per bushel after dropping 8-3/4 cents.
The decline in prices came after US President Donald Trump posted on social media that Ukraine and Russia had agreed not to target each other's energy infrastructure.
However, Ukrainian President Volodymyr Zelenskiy stated that Ukraine remained unconvinced that Russia would follow through on any such agreement.