US President Trump said that Russia and Ukraine have agreed to immediately implement an “energy cease-fire”. The market expects that the easing of hostilities will ease the Black Sea shipping disruptions, and wheat futures fell for the fourth consecutive trading day. Chicago wheat futures fell 1.3% for a while, then partially recovered. Russia and Ukraine account for more than a quarter of the world's total wheat exports, and the Black Sea channel is critical to the global food supply. The US Department of Agriculture unexpectedly raised corn production estimates, which also suppressed grain prices. Joe Davis, head of commodity sales at Futures International LLC, said, “The energy factor itself is not the main cause; expectations that the overall situation will cool down are weighing on the market.”
Zhitongcaijing · 4d ago
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US President Trump said that Russia and Ukraine have agreed to immediately implement an “energy cease-fire”. The market expects that the easing of hostilities will ease the Black Sea shipping disruptions, and wheat futures fell for the fourth consecutive trading day. Chicago wheat futures fell 1.3% for a while, then partially recovered. Russia and Ukraine account for more than a quarter of the world's total wheat exports, and the Black Sea channel is critical to the global food supply. The US Department of Agriculture unexpectedly raised corn production estimates, which also suppressed grain prices. Joe Davis, head of commodity sales at Futures International LLC, said, “The energy factor itself is not the main cause; expectations that the overall situation will cool down are weighing on the market.”
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