Wheat traded on the Chicago Stock Exchange tumbled more than 7% on Tuesday, as comments from Russia and Ukraine after talks in Turkey raised hopes of a ceasefire in a conflict that has disrupted grain exports across the region. of the Black Sea.
The May contract even hit the low 85 cents earlier and was trading close to $9.80 a bushel.
Corn also retreated sharply, while soybeans had losses, pressured by a sharp pullback in crude after talks between the Russian and Ukrainian delegations.
Russia said it had decided to drastically cut its military activity in Kiev and Chernihiv, while Ukraine’s negotiators said they proposed in Tuesday’s talks that Ukraine adopt a neutral status in exchange for security guarantees.
“Price war premium tends to decrease,” a European trader says.
The wheat market has been particularly volatile since Russia began its invasion of Ukraine on February 24th. The two countries account for around 30% of world cereal exports.
Source: CNN Brasil
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