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Wheat prices decline amid signs of weakening global demand
Global wheat prices have declined due to weak demand following profit-taking, amid ongoing concerns about supplies from the Black Sea region and impacts on U.S. export prices. Wheat futures fell by about 1% after reaching gains earlier in May 2024. Corn and soybean prices also dropped by 0.7% and 0.3%, respectively. This decline is driven by persistent tensions between Russia and Ukraine and their effect on shipping and exports, with weekly export sales dropping to a low of 235,000 tons — the lowest in two months.
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