Crop Rally Cools as Traders Weigh Russia-Ukraine Outlook
- Commodities pared gains after rallying on Russia attack
- Top crop traders forced to shut down operations in region
kernels of wheat in a field ahead of a harvest in Chernihiv, Ukraine, in 2017.
Photographer: Vincent Mundy/BloombergThis article is for subscribers only.
Wheat and corn futures slid from multiyear highs as uncertainty over what comes next in Russia’s invasion of Ukraine spurred a selloff.
Grains initially surged as the attack appears likely to upend global trade flows, since the two countries are key suppliers of a variety agricultural goods to regions including Asia and the Middle East. But prices came off their highs on news Russia is reportedly open to negotiations for peace talks, though the prospect was cast into doubt as the Kremlin said Kyiv had stopped responding after rejecting Moscow’s initial offer.