European Wheat Prices Plummet on Putin's Peace Talks Comments

European wheat prices dropped on Thursday following comments from Russian President Vladimir Putin that suggested there was a chance of a peace agreement to end the war in Ukraine.

The most-active contract on Paris-based Euronext, traded down 3.2% at €248.5 ($289.13) per metric ton by 1636 GMT, reaching a low of €243.25 per ton earlier in the day.

Putin's statements were made during an economic forum in Russia's Far East, where he acknowledged that restarting talks had become more difficult due to Ukrainian attacks on shipping and Kyiv's call for civilian aircraft to avoid Russian airspace.

The market saw limited signs of reduced tensions in the Black Sea region that could restore Russian and Ukrainian grain shipments from the area, leading traders to take profits following a sharp rally.