小麦期货跌至8月5日以来最低，交易员在特朗普总统加大对乌克兰施压、要求其与俄罗斯达成和平协议后，削减了风险溢价。
Wheat futures hit the lowest since Aug. 5 as traders wound back risk premiums after US President Donald Trump increased pressure on Ukraine to strike a peace agreement with Russia.
最活跃合约周三盘中最多下跌0.5%，连续第五个交易日下滑。此前，美国特使与乌克兰举行新一轮会谈，泽连斯基试图展现和解姿态。尽管如此，特朗普仍持批评态度，称美国为支持乌克兰“毫无回报”，并表示“是时候达成协议了”。谷物交易员密切关注结束俄乌战争的谈判，因为自7月以来黑海地区冲突升级，打击了航运基础设施，扰乱了全球两大小麦出口国的出口。
The most-active contract fell as much as 0.5% on Wednesday, declining for a fifth day, after fresh talks with US envoys saw Ukraine’s President Volodymyr Zelenskyy attempting to strike a conciliatory tone. Despite this, Trump remained critical, saying the US had got “nothing back” for its support of the country and it was “time to make a deal.”Grain traders are closely watching negotiations to end Russia’s war in Ukraine as escalating strikes in the Black Sea since July have damaged shipping infrastructure and upended wheat exports from two of the world’s biggest producers.
任何朝向停火的举措都可能释放俄罗斯和乌克兰待售的大量小麦，增加供应并压低市场。
Any moves toward a ceasefire could potentially unlock large quantities of wheat from both Russia and Ukraine that are waiting to be sold, boosting supply and sending the market lower.
不过，Lachstock Consulting在周三的一份报告中警告交易员，不要对黑海局势的结局抱有“自满情绪”。“俄罗斯国防部声称在敖德萨附近击中一艘干货船，乌克兰无人机持续袭击俄罗斯能源设施，双方领土立场依然相距甚远，”该公司表示，强调供应流动面临的持续风险。
However, Lachstock Consulting warned traders against “complacency” on the outcome for the Black Sea in a note on Wednesday. “Russia’s Defence Ministry claimed a strike on a dry cargo vessel near Odesa, Ukrainian drones continue to hit Russian energy, territorial positions remain far apart,” the firm said, highlighting the ongoing risks to supply flows.
疲软的美国出口需求和南半球收割进一步施压本周小麦期货，加上基金上周将净空头押注增至三个月高位，利空信号叠加。
Weak US export demand and harvesting in the southern hemisphere added further pressure on wheat futures this week, compounding signals from funds that last week boosted net-bearish bets to a three-month high.