Wheat Hits Lowest Since June Ahead of Black Sea Peace Talks
Executive Brief • Key Highlights
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- ✓Wheat futures hit their lowest price since June 30 as traders await US-led peace talks between Russia and Ukraine next week.
- ✓The Hightower Report said, “Scheduled Black Sea talks in Abu Dhabi mid-next week are pressuring prices.” Ongoing conflict continues to disrupt grain exports from these two major global suppliers.
Story at a Glance
- Category
- Indian Markets
- Reported By
- Livemint
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
(Bloomberg) -- Wheat futures touched the lowest since the end of June as traders anticipate next week’s planned US-led talks with delegations from Ukraine and Russia.
Futures fell as much as 2.4% to the lowest intraday price since June 30, before paring losses.
“Scheduled Black Sea talks in Abu Dhabi mid-next week are pressuring prices and that is likely to continue for the next few sessions,” the Hightower Report said in a note.
The conflict has damaged ports amid escalating strikes in the Black Sea region, and disrupted exports of wheat from Russia and Ukraine, two of the world’s biggest suppliers of the grain. Recent talks with US envoys have raised hopes about making progress toward ending the war, which is now in its fifth year, but some remain skeptical about the prospect of peace between the two countries.
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