Prices fall after news of possible grain deal
Russia’s invasion of Ukraine, and the subsequent blockade of Black Sea ports, led to a reduction in wheat supply – and therefore a spike in prices.
The prospect of a deal to end the blockade has been followed by a noticeable dip in prices.
The price of Chicago wheat futures – a key benchmark for the global market – was down by more than 3% on Friday morning, while milling wheat was down more than 4%.
The price of UK feed wheat futures – a European benchmark for feed wheat (used for animals) – was down by almost 3%.
Chart showing countries that rely on Ukrainian wheat imports
BBC