<div><span style="font-size: 1rem;">Wheat prices tumbled Friday, retreating to levels last seen prior to the Russian invasion of Ukraine following a landmark agreement to unblock Ukraine's Black Sea grain exports.</span><br></div><div><br></div><div>In Chicago, the price of wheat for delivery in September dropped 5.9 percent to $7.59 per bushel, which is equivalent to about 27 kilograms and the lowest close since Russia invaded its neighbor on 24 February.</div><div><br></div><div>On Euronext, wheat prices for delivery in September fell 6.4 percent to $325.75 per ton.</div><div><br></div><div>Friday's agreement between Kyiv and Moscow -- through United Nations and Turkish mediation -- establishes safe corridors along which Ukrainian ships can come in and out of three designated Black Sea ports in and around Odessa.</div><div><br></div><div>Russia and Ukraine together produce about 30 percent of the world's wheat exports.</div><div><br></div><div>Up to 25 million tons of wheat and other grain have been blocked in Ukrainian ports by Russian warships and landmines Kyiv has laid to avert a feared amphibious assault.</div><div><br></div><div>Despite Friday's retreat in wheat prices, analysts expressed skepticism about the accord's ability to sidestep the realities of the grinding Russia-Ukraine conflict amid doubts over Moscow's willingness to implement the deal.</div><div><br></div><div>"I'm still skeptical and I don't think I'm alone in that in questioning that it will actually move much grain," said Michael Zuzolo, president of Global Commodity Analytics &amp; Consulting.</div><div><br></div><div>But Zuzolo said wheat prices may not have much further to fall, given that drought conditions are hitting output in some other parts of Europe. - AFP</div><div><br></div><div>bnbd24/fas</div>