Putin's Peace Comments Spark Wheat Price Decline

European wheat prices plummeted on Thursday following Russian President Vladimir Putin's comments about the possibility 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 at 1636 GMT, reaching a low of €243.25 per ton earlier in the day.

Putin addressed an economic forum in Russia's Far East, stating that there was a chance for a peace agreement in Ukraine, but added 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 decline moderated later in the trading session as hopes for a quick deal diminished, with Putin's statements not indicating any immediate reduction in military operations.