Wheat futures extend losing streak to nine weeks, longest since 1997 amid geopolitical shifts

Chicago wheat futures are on track for a ninth consecutive weekly decline, the longest losing streak since 1997, with prices down roughly 21% from early September highs. Despite tight US supplies, with winter wheat crops near a 50-year low, the selloff is driven by hopes for US-led Russia-Ukraine peace talks and expectations of resumed Black Sea grain shipments. Hedge funds hold record net short positions, and the decline coincides with broader commodity movements affecting oil, Fed policy, and Bitcoin.