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Chicago wheat futures: dropped to $7.8 per bushel, easing from the two-week high of $8.1 hit earlier in the session as supply concerns eased. The tensions between the West and Russia over Ukraine eased slightly after the Kremlin signaled it has not yet given up on diplomacy.

Earlier, the threat of military conflict between Russia and Ukraine raised concerns of exports disruptions in Black Sea ports, responsible for the wheat supply from two of the world’s largest exporters.

Still, prices are set to remain elevated as inventories in Canada and the US, the world’s third and second-largest exporters are low. Total stocks of wheat in Canada were 38% down on the year at the end of 2021, as yields were poor due to drought in farms in the Praire region.

Droughts also hampered US production with sales and exports in the week ending February 3rd totaling 17.3 million tonnes, 21% lower than USDA projections of 22.05 million tonnes.