CBOT wheat falls after hitting multi-year highs
WEAT•Wheat retreats from multi-year highs on profit-taking
Chicago Board of Trade wheat futures dropped on Wednesday, retreating on profit-taking from multi-year highs reached during the overnight trade as market players assessed the latest developments affecting Black Sea grain exports.
- Wheat reached its highest level in 3-1/2 years on Tuesday after reports Moscow had rejected a moratorium on attacks in the Black Sea region and struck port infrastructure overnight in its conflict with Ukraine.
- Russia attacked Ukraine's port infrastructure and a border crossing with Romania in the southern Black Sea region of Odesa overnight, Ukrainian officials said on Tuesday.
- Ukraine's grain exports declined by about 58% in August, compared to a year earlier, its agriculture ministry said.
- Russia, the world's biggest wheat exporter, said separately that it was suspending export duties on grain until the end of 2026.
- CBOT December soft red winter wheat WZ26 futures settled 8-1/2 cents lower to $7.74 per bushel.
- K.C. December hard red winter wheat KWZ26 fell 11 cents to $8.34-1/4 per bushel.
- Minneapolis December wheat MWEZ26 settled 5-1/4 cents higher to $7.82 per bushel.
