Chicago wheat rises as traders assess Ukraine peace developments

Chicago wheat futures climbed on Tuesday as traders assessed developments surrounding the Ukraine peace talks. The most-active wheat contract on the Chicago Board of Trade (CBOT) was 0.2% higher at $5.14-3/4 a bushel by 1145 GMT. Hopes of an end to the war in Ukraine were dented on Monday after Russia accused Kyiv of trying to attack President Vladimir Putin’s residence, pledging retaliation in response. Ukraine dismissed the claim, calling it a lie intended to derail peace talks. A resolution of the conflict that has lasted for nearly four years would likely weigh on wheat prices, as the removal of war-related shipping risks would reduce export costs and increase access to more Ukrainian ports for wheat shipments. Ukraine is one of the world’s biggest exporters of wheat and corn. “While further disruption in the Black Sea region would add some upwards pressure to prices, this risk is largely priced in,” said Claire Adams, agricultural analyst at Bendigo Bank Agribusiness. “If ...