EU wheat eases from 1-week high as Black Sea disruption assessed

Chicago wheat, a global benchmark, eased as a slide in crude oil, strength in the dollar and renewed talk of diplomatic efforts for a Black Sea truce weighed on prices. GRA/

Traders said an AFP report, which cited a Turkish proposal sent to Russia and Ukraine for a truce on strikes against commercial shipping in the Black Sea, put attention back on potential de-escalation prospects.

However, traders were sceptical given that Turkey has already flagged such proposals and with a deal to halt strikes on energy infrastructure announced by U.S. President Donald Trump on Monday showing little effect.

“Headlines today were again about diplomatic efforts to get some form of Black Sea safe shipping agreement, with Turkey said to be involved,” one German trader said. “But heavy attacks continue by both Russia and Ukraine and there is no concrete evidence of any deal, so price falls are moderate.”