Wheat near multi-month lows as traders eye Russia-Ukraine talks

Chicago wheat futures rose 0.2% to $5.89 a bushel on Tuesday, but remained close to recent multi-month lows as traders awaited Russia-Ukraine discussions in Abu Dhabi on November 10-11. Business Recorder reported that prices had fallen to $5.85 on Friday, their lowest since June 30, and were down around 25% from early-September highs.

A possible revival of grain shipments through the Black Sea could add to global supply, while Russian wheat export prices weakened last week amid softer demand. Funds have accumulated short positions, leaving scope for a sharp rebound if those trades are reversed, according to consultant Nick Carracher; upcoming Australian and Argentine harvests could constrain prices even if Black Sea exports stay limited.

Corn and soybean futures also advanced ahead of a US Department of Agriculture report, although both have declined since early September amid plentiful supply prospects. Analysts expect a record US soybean harvest forecast, while US corn production estimates could be reduced; Brazil’s favourable crop weather has also supported expectations of large harvests.