Expectations of easing tensions in the Black Sea drive wheat futures down for a fourth consecutive session.

President Trump said Russia and Ukraine have agreed to an immediate "energy ceasefire," and market expectations that easing hostilities will reduce disruptions to Black Sea shipping sent wheat futures down for a fourth consecutive session. Chicago wheat futures fell as much as 1.3% before paring some losses. Russia and Ukraine together account for more than a quarter of global wheat exports, and the Black Sea corridor is critical to global food supplies. The USDA's unexpected upward revision to its corn production estimate also weighed on grain prices. Joe Davis, head of commodity sales at Futures International LLC, said: "The energy factor itself is not the main driver; expectations of an overall de-escalation are weighing on the market."