The cost of wheat at auction on March 29 fell by 7.76%, updating at least four weeks. Wheat futures for May delivery fell to $9.73 a bushel. This is evidenced by trading data on the Chicago Mercantile Exchange, writes RBC.
Wheat prices began to decline against the backdrop of negotiations between Russia and Ukraine in Istanbul. During the negotiations, Ukraine proposed a new system of security guarantees, which, among other things, includes the neutral status of the state. In turn, Russia promised to drastically reduce military activity in the Kiev and Chernigov directions. Assistant to the President of the Russian Federation Vladimir Medinsky called the talks constructive and noted that if the parties quickly work on the agreement and find a compromise, the parties will be able to move closer to peace.
Earlier, the cost of wheat rose on fears of limiting supplies from Russia and Ukraine, which account for about 25% of wheat exports.
Against the backdrop of world prices, the cost of wheat in Kazakhstan also grew, having increased by the end of last week to 140 thousand tenge/ton.