Chicago wheat falls on Russia-Ukraine peace talk hopes

Business Recorder reported that Chicago wheat futures slipped 0.21% to $6.05-1/4 per bushel on Tuesday, as hopes for Russia-Ukraine peace talks raised the prospect of smoother Black Sea grain exports. US envoy Steve Witkoff said delegations from both countries are due to meet in Abu Dhabi on November 10-11 to discuss ending the war, security arrangements and de-escalation.

An analyst cited in the report said that any end to hostilities could bring Russian and Ukrainian grain supplies to market and put further pressure on wheat. Elsewhere, Chicago corn fell 0.39% to $4.46-1/2 per bushel, while soybeans rose 0.18% to $12.19 after reaching a nearly 11-week low in the prior session. The report also noted rising US fertilizer prices amid tighter global supply and declining exports from Trinidad and Tobago.