CBOT Wheat Falls as Traders Monitor Russia-Ukraine Peace Talks

Chicago Board of Trade wheat futures fell on Friday as traders monitored diplomatic efforts to end Russia's war with Ukraine, which could reduce disruptions to Black Sea grain shipments. The benchmark wheat contract dropped after Russian President Vladimir Putin stated that a peace agreement remained possible.

The Kremlin said the possibility of a Ukraine peace settlement remains, but declined to confirm reports that U.S. envoys would visit Russia and Ukraine over the weekend for negotiations. Plans for the U.S. envoys' visit have yet to be finalized due to U.S. security concerns, according to a source.

The squeeze on Black Sea exports has led Asian wheat importers to buy at least half a million metric tons of Australian and Argentine wheat in recent deals, trade sources said this week. CBOT December soft red winter wheat futures settled 20-1/4 cents lower to $7.34 per bushel.