Wheat Futures Post First Loss in a Week on Black Sea Supply Woes

Wheat futures fell from recent highs amid lingering concerns that Russia will intensify its war in Ukraine, posing a threat to planting and harvesting in the key producer and reducing exports through the Black Sea.

The food staple fell 0.5% to settle at $7.965 a bushel in Chicago, the first decline in five sessions. Prices were trading near two-month highs as Russia launched its biggest barrage of missile attacks on the country so far this year. Infrastructure damage or a worsening of the conflict would hinder shipments, which are running about a third behind the previous season.