Wheat Futures Drop to 17-Month Low Amid Ample Supplies
- Futures fall on expectations of Black Sea grain-deal extension
- Region’s strong outlook poses challenge for US grain
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Wheat futures declined to the lowest in 17 months amid ample near-term supplies.
The most active contract fell 1.6% to settle at $7.10 a bushel, the lowest since September 2021. The grain heads for a decline of 6% this month, the biggest monthly loss since November. Top-shipper Russia is expected to post record-high exports in the second half of the season, while Ukraine is seeking to extend its Black Sea grain-export deal by one year.