CBOT wheat sets five-week low on Black Sea export hopes
WEAT•CBOT December soft red winter wheat closed down 3-3/4 cents at $7.03-1/4 per bushel, setting a five-week low as diplomatic efforts raised hopes of easing Black Sea grain export disruptions.
1. Diplomatic efforts weigh
Chicago Board of Trade wheat futures set a five-week low on Friday as diplomatic efforts aimed at easing disruptions to Black Sea grain exports weighed on prices. Ukrainian President Volodymyr Zelenskiy said India, Turkey, Egypt and other Middle Eastern countries were taking part in talks on unblocking Black Sea shipping.
2. Wheat contracts fall
CBOT December soft red winter wheat closed down 3-3/4 cents at $7.03-1/4 per bushel. K.C. December hard red winter wheat was last down 5 cents at $7.62 a bushel, while Minneapolis December spring wheat fell 7 cents to $7.13-1/2 a bushel.
3. Other market pressure
Wheat also faced pressure from early losses in CBOT corn and soybeans after a U.S.-China summit failed to immediately deliver concrete announcements on additional Chinese agricultural purchases, an analyst said. Turkey submitted proposals to Moscow on Black Sea shipping security, but there were no substantive negotiations under way, Interfax reported.
