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Chicago wheat futures fall in absence of positive news

Chicago wheat futures on the Chicago Board of Trade (CBOT) closed lower on Thursday, in the absence of positive news and as hopes persisted for reaching a diplomatic solution to ease the disruptions affecting grain exports across the Black Sea, according to traders.

The December soft red winter wheat futures contract on CBOT fell by 3-3/4 cents to $7.27 per bushel. The December hard red winter wheat contract in Kansas City ended down 5 cents at $7.94-1/2 per bushel, while the December spring wheat contract in Minneapolis fell by 3-1/2 cents to close at $7.52-1/2 per bushel.

European wheat traders said a report by Agence France-Presse about a Turkish proposal sent to Russia and Ukraine to halt strikes on commercial shipping in the Black Sea raised hopes for a military de-escalation in the grain-exporting region across the Black Sea.