Wheat prices today remain close to multi-month lows, with Chicago futures edging higher on Tuesday as traders weigh whether Russia-Ukraine negotiations will reopen grain shipments through the Black Sea. The talks, which include the United States, are scheduled in Abu Dhabi for November 10-11. A deal could add supply to a market that has already fallen sharply, but its outcome was still unknown when prices were quoted.
Prices near multi-month lows
Wheat futures on the CBOT, the Chicago exchange that sets a key global benchmark, rose 0.2% to $5.89 a bushel early on Tuesday. The contract had touched $5.85 last Friday, the weakest level since June 30. Prices have fallen roughly a quarter from their peak in early September, a sizeable retreat for the grain.
Corn gained 0.4% to $4.41 a bushel, and soybeans added 0.2%, to $11.91. Both moved ahead of a monthly supply and demand report from the US Department of Agriculture (USDA). Both crops are still well below early-September levels, with corn down around 20% and soybeans about 10%.
Talks, shipping and what comes next
Attacks on shipping in the Black Sea have held back grain exports from both Russia and Ukraine in recent months. Even so, supply has not tightened as sharply as some analysts had forecast. Export prices for Russian wheat dropped last week as demand softened, analysts said.
Nick Carracher, chief executive of the consultancy Lachstock, said prices were getting close to a baseline support level. He added that harvests coming in from Australia and Argentina over the next few months could cap prices, even if shipments from the Black Sea remain limited. He also warned that many funds have built short positions, meaning bets on falling prices, partly in reaction to peace-talk headlines. That pushed prices down but leaves the market open to a sharp rebound if those bets are unwound.
Lithuania said Russian and Belarusian grain passing through Klaipeda must stay in storage until tests confirm its origin. That step could hold up those shipments for months. Whether wheat prices today stay low will depend on whether Black Sea shipments resume and how quickly those checks are completed.
Timeline: what has happened so far
- Early September: Wheat prices reach their highs before slumping about 25%.
- Friday: The most-traded Chicago wheat contract slips to $5.85 a bushel, the weakest level since June 30.
- Tuesday: Wheat edges up to $5.89 a bushel ahead of the USDA supply and demand report.
- November 10-11: Talks between Russia, Ukraine and the United States are scheduled in Abu Dhabi.
Aasan alfaaz mein
Chicago mein gandum ki qeemat Tuesday ko thori barhi, lekin yeh pichle kuch mahinon ke lowest level ke qareeb hai. Russia aur Ukraine ke talks kamyab hon to Black Sea se grain ki supply dobara barh sakti hai. Lithuania ke port par tests ki wajah se kuch shipments mahino tak ruk sakti hain. Pakistan mein atta ki qeemat par asar local market dekh kar hi pata chalega.
