CBOT Wheat Prices Decline on Stronger Dollar and Trump-Zelenskiy Talks

Chicago Board of Trade (CBOT) wheat futures closed lower as investors monitored the outcome of a phone call between the U.S. and Ukrainian presidents regarding Russia’s war, while the U.S. dollar strengthened.

CBOT May soft red winter wheat (WK25) fell 1-1/2 cents to $5.63-1/2 per bushel. K.C. May hard red winter wheat (KWK25) dropped 11-1/2 cents to $5.94-3/4 per bushel, while Minneapolis May spring wheat (MWEK25) declined 2-1/4 cents to $6.11-3/4 per bushel.

U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskiy held a phone call regarding Russia’s war, which both sides described as constructive. Analysts note that an end to hostilities could be bearish for wheat prices, as it would improve export security for both Ukraine and Russia.

Meanwhile, snowfall is expected in parts of the U.S. wheat belt, potentially providing much-needed moisture to drought-affected crops. The U.S. dollar rebounded on Wednesday from multi-month lows as investors awaited the Federal Reserve’s decision on interest rates. A stronger dollar generally makes U.S. exports less competitive in the global market.

Tags: prices, wheat