Wheat drops below $7.20 as ceasefire hopes face port disruption
Wheat fell below $7.20 per bushel, extending retreat from $7.67 set August 28. Traders weighed weekend US envoy talks on ending the Russia-Ukraine war, alongside continued port and shipping attacks disrupting Black Sea grain exports.
67 on August 28, as traders weighed renewed diplomatic efforts to end the Russia-Ukraine war. US envoys met with officials in Russia and Ukraine over the weekend, including Ukrainian President Volodymyr Zelenskyy and senior European officials, raising hopes that a possible ceasefire could help restore disrupted Black Sea grain shipments. The outlook remains uncertain after repeated Russian and Ukrainian attacks on ports and commercial shipping sharply restricted grain exports from the region. Wheat supplies are still available in the Black Sea, but exporters continue to struggle to move cargoes to international markets.
That disruption has pushed Asian importers to look for alternative supplies, with trade sources reporting at least 500000 metric tons of Australian and Argentine wheat bought in recent deals.