Wheat Prices Slide as Profit-Taking and Diplomatic Hopes Offset War Fears

Chicago wheat futures declined on Wednesday due to profit-taking and a shift in focus from war disruption to Black Sea trade. The market had been assessing diplomatic efforts to end Russia's conflict with Ukraine, which has been affecting grain exports.

The most-traded wheat contract on the Chicago Board of Trade settled 18-1/4 cents lower at $7.28-3/4 per bushel, below a 3-1/2-year high of $7.95 reached last week.

Traders cited unconfirmed reports that grain infrastructure at the port of Novorossiysk had been damaged after Ukraine struck targets there, including a naval base and oil terminal.

The Kremlin said it hopes US-mediated talks will resume soon, with Abu Dhabi as a preferred venue. This shifted attention back to diplomatic efforts rather than war disruption to Black Sea trade.