CBOT wheat settles down on hopes for Black Sea exports

• CBOT December soft red winter wheat WZ26 closed down 8-3/4 cents at $7.08-1/2 per bushel.
• K.C. December hard red winter wheat KWZ26 was last down 9-1/2 cents at $7.71-3/4 a bushel, while Minneapolis December spring wheat MWEZ26 was down 9 cents at $7.28-3/4 a bushel.

• Ukraine and Russia have both voiced an interest in a limited ceasefire involving grain and energy-related targets, U.S. Secretary of State Marco Rubio said after meeting Russian Foreign Minister Sergei Lavrov in New York.
• Cargo movements in the Black Sea region are at a near standstill due to heavy attacks on ships and port infrastructure by both sides.
• As a result, top wheat importers in Asia, the Middle East and Africa that count on the Black Sea region for grain have been finding it hard to secure supplies.
• Continued attacks on ports and vessels tempered expectations of a recovery in grain shipments.
• Technical selling added pressure on prices, traders said.

Chicago Board of Trade wheat futures closed down on Wednesday after setting a four-week low on expectations that Black Sea export disruptions may ease, analysts said.