Wednesday saw a slight decline in Chicago wheat futures, giving up some of the big gains made in the previous session.
However, losses were restrained by concerns over supply in the wake of the intensifying war between Russia and Ukraine. Corn and soybean production declined.
According to a Hightower article, “there is some support from fears that the Russia-Ukraine war slows shipments from the Black Sea, and there is also anxiety with Russia’s threats to use nuclear weapons.” “This support might not last long.”
As of 0357 GMT, the most actively traded wheat contract on the Chicago Board of Trade (CBOT) was down 0.2% at $8.70 per bushel.
Both corn and soybeans dropped by 0.3% and 0.5%, respectively, to $6.65-1/4 and $14.01-1/2 a bushel.
Mahnur is MS(development Studies)Student at NUST University, completed BS Hons in Eng Literature. Content Writer, Policy analyst, Climate Change specialist, Teacher, HR Recruiter.
