Putin Hints at Ukraine Peace Deal, Wheat Futures Pull Back

Chicago Board of Trade wheat futures retreated on Thursday as Russian President Vladimir Putin hinted at a potential peace deal to end the war in Ukraine. The decline follows a sharp rally over the past month driven by concerns about disruptions to Black Sea grain exports from Russia and Ukraine.

Putin's comments came during an economic forum in Russia's Far East, where he noted that restarting negotiations had become more difficult due to Ukrainian attacks on shipping and Kyiv's request for civilian aircraft to avoid Russian airspace.

Some traders warned that Putin's statements did not indicate an immediate reduction in military activity and that physical disruptions to Black Sea grain shipments remained unchanged. The market is closely watching how suppliers will respond to a wheat import tender announced by Saudi Arabia on Thursday, as Russia regularly supplies wheat to the country.