BEIJING- Chicago wheat futures edged higher on Wednesday after tumbling in the previous session, following peace talks between Russia and Ukraine in Turkey that raised hopes of a ceasefire in a conflict that has disrupted global grains supply.
The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 0.2 percent to $10.11-1/4 a bushel. Corn climbed 0.79 percent to $7.32 a bushel while soybeans edged 0.53 percent higher to $16.51-3/4 a bushel.
The month-long conflict between the world’s two major grains exporters has disrupted global supplies and lifted prices of major agriculture products.
Russia promised on Tuesday to scale down military operations in Ukraine, but the United States warned the threat was not over as Ukraine proposed adopting a neutral status in a sign of progress at face-to-face negotiations.
“Chances for a ceasefire are high, as neither side can afford a long-lasting war,” said an Asia-based trader. – Reuters
