Wheat prices fell yesterday to their lowest level since September 2021 on easing concerns about supplies in the short term, writes finmarket.ru.
Wheat futures in Chicago ended trading on the eve of a decline of 1.6% to $7.1 per bushel. Since the beginning of February, the contract has fallen in price by about 6%, a record pace since November.
Russia is expected to export a record amount of wheat in the second half of the current growing season, according to Bloomberg. Ukraine, meanwhile, is seeking to extend the Black Sea Grain Initiative for another year.
Traders believe that the deal will be successfully extended, and the expectation of strong grain supplies from the region is putting pressure on futures, said Terry Riley, senior commodities analyst at Futures International LLC.
