Wheat slips as efforts seek to ease Black Sea export disruptions
DBA•Chicago wheat futures closed down 3-3/4 cents at $7.03-1/4 per bushel as diplomatic efforts sought to ease Black Sea export disruptions. The contract briefly fell below $7 for the first time in a month.
1. Wheat futures fall
The most actively traded Chicago wheat contract fell below $7 per bushel for the first time in a month, then trimmed losses as corn and soybean futures recovered. It closed down 3-3/4 cents at $7.03-1/4 after reaching $6.83-1/2, its lowest price since August 19.
2. Shipping talks draw focus
Ukrainian President Volodymyr Zelenskiy said India, Turkey, Egypt and other Middle Eastern countries were taking part in talks on unblocking shipping. Turkey submitted proposals to Moscow on shipping security, but a Russian news agency reportedly said substantive negotiations were not underway. Analyst Andrey Sizov said there was no sign of Russian agreement or meaningful progress toward restoring shipping.
3. Other crop markets
Early losses in corn and soybeans pressured wheat after a US-China summit produced no immediate concrete announcements on additional Chinese purchases of American crops. Corn closed up 3/4 cent at $5.28-1/4, and soybeans rose 1-1/2 cents to $13.19. US Trade Representative Jamieson Greer said the United States was expected to release details on trade negotiations on Monday.
