The agricultural commodity also pushed ahead after western powers like the U.S. and European nations encouraged Russia to work toward reducing the pitch of the conflict with Ukraine. Oklahoma and regions of Kansas and Texas are forecast to endure as much as 0.5 inches of rain on Wednesday, and the wet weather is likely to continue for the next 14 days.
"Grains are in a stabilization phase in a context where the situation in Ukraine remains unchanged and the weather is stable, even if rains remain rather weak for the time being," Paris-based farm adviser Agritel wrote in a market comment.
At 8:44 a.m. on Wednesday, wheat futures dipped 0.74 percent, a 0.0525-cent loss to $7.03 per bushel.
The Associated Press reports the trade week began with grave concerns about the prospect of disrupted supplies from Ukraine, also a strong global provider of wheat. Russian soldiers are implementing aggressive measures against the military of Ukraine by seizing ships and forcibly entering military bases. The two nations account for roughly 17 percent of the world's shipments of the agricultural commodity.
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