Chicago wheat falls to lowest since February on Black Sea shipment hopes
Wheat futures in Chicago dropped to their lowest level since February 18 as traders bet on a revival of Black Sea grain exports, Reuters reported.
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what happened
Wheat futures on the Chicago Board of Trade fell to their lowest level since February on Friday, Reuters reported. Analysts linked the decline to expectations that grain shipments through the Black Sea, disrupted by Russia's war on Ukraine, could resume. Kyiv and Moscow have confirmed they will join three-way peace talks with Washington in Abu Dhabi on November 10 and 11.
Meanwhile, Russian wheat is already moving more through Baltic Sea routes, and Ukrainian grain leaves via Romania and the Danube River. The USDA is due to publish its monthly global supply and demand report on Tuesday. Separately, Illinois-based Hang Tung Resources said it signed $600 million in US sorghum and wheat sales with Chinese buyers.
why it matters
Wheat prices are sensitive to changes in export capacity from the Black Sea, so a restored corridor would add supply and could weigh on futures. The Chinese deal and the USDA report are secondary factors that traders will watch for demand and crop estimates.
market impact
Wheat: hopes for Black Sea exports returning pressure CBOT, KC and spring wheat futures
- CBOT wheat pressure down — expected return of Black Sea shipments adds to supply outlook
- KC wheat pressure down — the same supply outlook weighs on hard red winter contracts
tags
instruments
sources
- CBOT wheat hits lowest price since February ahead of Russia-Ukraine talks — Reuters, 6 November 2026 at 20:13 UTC
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