Wheat Slumps as Big Crops Let Traders Shrug Off Ukraine Angst
- Ukraine is making efforts to restart Black Sea grain deal
- Turkish officials are skeptical Ukraine can keep ships moving
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Wheat fell more than 4% as traders shrugged off concerns about Ukraine’s exports and escalating tensions in the Black Sea amid ample global supplies.
The market is taking a breather after surging about 11% in the previous three sessions after both Ukraine and Russia warned that ships headed to each other’s ports could be considered military targets. The tensions increased concerns that exports would be cut off from the region, considered the breadbasket of the world. Ukraine is the third-largest global exporter of corn and the sixth-largest wheat shipper.