2 hrs ago
Wheat Prices Slip as Traders Watch Black Sea Exports
Wheat prices went down a little on Monday.
Corn prices also fell, while soybean prices increased slightly.
Traders are watching talks about reopening shipping routes in the Black Sea.
Russia and Ukraine are two of the world’s biggest grain suppliers.
Several countries, including India, Turkey and Egypt, are involved in discussions.
Turkey has suggested ways to make ships safer, but serious negotiations have not started.
Attacks on ships and ports are still stopping many grain shipments.
Traders hope a ceasefire could allow grain exports to recover.
Chicago wheat fell 0.3% to $7.04-1/2 a bushel, while corn declined 0.3% and soybeans rose 0.2%.
Traders are assessing whether diplomatic efforts could restore grain exports from the Black Sea.
Volodymyr Zelenskiy said India, Turkey, Egypt and other Middle Eastern countries were involved in talks on reopening Black Sea shipping.
Turkey has proposed shipping-security measures to Moscow, but substantive negotiations had not begun.
Continued attacks on ships and port infrastructure have kept cargo movements near a standstill, although Russia could restart up to 80% of regional grain-terminal capacity after a ceasefire.
- Who
- Traders, Russia, Ukraine, Turkey, India, Egypt and other countries involved in diplomatic efforts.
- What
- Wheat prices fell as markets assessed the prospects for restoring Black Sea grain exports.
- Where
- The Chicago Board of Trade market and the Black Sea region.
- When
- Monday, Sept. 28; prices were reported at 0109 GMT.
- Why
- Diplomatic efforts may ease disruptions, but attacks on ships and port infrastructure continue to limit grain shipments.
Diplomatic Optimism
Security Concerns
Prospects for renewed grain shipments
Diplomatic Optimism
A ceasefire resulting from diplomatic efforts could allow cargo movements to recover, and Russia could quickly restart much of its regional grain-terminal capacity.
Security Concerns
Continued attacks on ports and vessels are tempering expectations that grain shipments will recover soon.
Black Sea shipping talks
Diplomatic Optimism
Volodymyr Zelenskiy said India, Turkey, Egypt and other Middle Eastern countries were participating in efforts to unblock shipping.
Security Concerns
Turkey has submitted shipping-security proposals to Moscow, but no substantive negotiations were under way.
Key facts
- Chicago wheat
- Down 0.3% to $7.04-1/2 a bushel
- Chicago corn
- Down 0.3% to $5.26-1/2 a bushel
- Chicago soybeans
- Up 0.2% to $13.21 a bushel
- Black Sea exports
- Cargo movements were near a standstill because of attacks on ships and port infrastructure.
- Diplomatic participants
- India, Turkey, Egypt and other Middle Eastern countries were reported to be involved in talks.
- Potential capacity recovery
- Russia could restart up to 80% of its Black Sea and Sea of Azov grain-terminal capacity after a ceasefire.
Sources
Related news
Wheat falls as profit-taking offsets Black Sea war concerns
Wheat Futures Fall as Traders Assess Black Sea Shipment Outlook
Chicago Wheat Falls as Turkey Revives Black Sea Grain Plan
Russia Could Restart 80% of Black Sea Grain Terminals
Turkey Urges Ukraine and Russia to Halt Black Sea Attacks
Oil Falls as Hormuz Flows and US-Iran Diplomacy Ease Fears
Iran Offers Seven-Day Hormuz Plan as Trump Rejects Terms
US and Iran Clash Over Terms for Restarting Truce Talks
US Denies Iran Captured American Underwater Drone in Hormuz
Trump Says Iran War May End Soon, Strikes Remain Possible
Indian Stocks Face Muted Opening Amid Global Market Tensions
