CBOT wheat plunges to 4-week low as Black Sea shipping hopes revive

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Summary · why it matters

Grain and oilseed futures at the CBOT closed lower across the board on Wednesday, September 23, led by wheat, which fell to a four-week low amid analyst expectations that diplomatic efforts could help ease the disruption to grain exports through the Black Sea caused by the Russia-Ukraine war. December wheat fell 8.75 cents, or 1.22%, to close at $7.0850 a bushel. December corn fell 7.75 cents, or 1.44%, to close at $5.2900 a bushel, and November soybeans fell 7.50 cents, or 0.57%, to close at $13.1800 a bushel. Pressure on wheat came after U.S. Secretary of State Marco Rubio said following talks with Russian Foreign Minister Sergey Lavrov in New York that Ukraine and Russia, both major global grain exporters, had shown mutual interest in a limited ceasefire agreement covering grain and energy targets. Traders said a ceasefire could open the way for Black Sea shipping to recover from its current near-standstill. Ukrainian President Volodymyr Zelensky met U.S. President Donald Trump on Tuesday, September 22, and said they discussed a ceasefire limited to energy targets. However, continued attacks on ports and cargo ships have dampened traders' expectations for a near-term recovery in Black Sea shipping. Corn and soybeans weakened after approaching three-year highs this week, with traders watching whether the U.S.-China summit on Thursday, September 24, will spur Chinese demand for U.S. crops. China is the world's largest importer of soybeans.

Impact on assets 3

Others▼ · 3 stocks
⛏Corn Futures
CORN
▼ NegativeGeopoliticsrelevance

Corn fell as traders watched the US-China summit for Chinese demand and futures weakened after nearing three-year highs.

⛏Soybean Futures
SOYBEAN
▼ NegativeGeopoliticsrelevance

Soybeans weakened ahead of the US-China summit, with traders watching whether it spurs Chinese demand for US crops.

⛏Chicago SRW Wheat Futures
WHEAT
▼ NegativeGeopoliticsrelevance

Wheat plunged to a four-week low on hopes that a Russia-Ukraine limited ceasefire could revive Black Sea grain shipping.

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