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Chicago wheat futures traded at $7.8 per bushel, falling from the near two-month high of $8.3 touched on January 25th, amid eased fears of supply disruptions and expectations of lower demand.

Kremlin spokesman Dmitry Peskov signaled that Moscow was not closing the door on diplomacy with the United States regarding security arrangements with NATO in Europe, significantly lowering traders’ concerns that wheat trade in Black Sea ports could be halted.

Up to January 24th, Ukraine has been running a strong export campaign in the 2021/22 marketing year, 29% higher than the previous year, while Russia is the world’s largest exporter. In the meantime, Algeria announced it will reduce its grain imports by 25-26% in the current marketing year.

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