Wheat Prices Return to Normal as the Crisis Ends

Wheat prices fell by more than 6 percent after Russia decided to return to the grain deal following Turkey's diplomatic initiatives.

Wheat prices, which had risen sharply after Russia announced the suspension of the Black Sea agreement, declined rapidly after Russia returned to the grain deal following Turkey's diplomatic initiatives. Russian Defense Ministry spokesman Igor Konashenkov said that thanks to the participation of the United Nations (UN) and the support of Turkey, they have received the necessary written guarantees from Ukraine regarding the grain agreement, adding, "Russia found the guarantees it received sufficient and will continue its participation in the grain agreement." With the developments, the price of wheat futures contracts on the Chicago Mercantile Exchange, which rose 6.4 percent on Monday and 2.3 percent on Tuesday to over $ 9, fell more than 6 percent today to $ 8.43. The price of corn traded on the Chicago Mercantile Exchange fell 2.1 percent, while the price of soybeans fell around 0.7 percent. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!