Putin's Peace Talks Send Wheat Market Reeling

Russian President Vladimir Putin's comments on peace talks in the Black Sea region sent shockwaves through the wheat market, causing it to nearly reach limit-down levels this morning.

However, grain markets staged a recovery throughout the day, finishing mixed to lower but well off session lows. Soybeans were the standout performer, closing 6¢ higher at $13.16¼ per bushel.

Corn and wheat prices saw losses, with December CBOT wheat down 19¾¢ at $7.54¼ per bushel and December Kansas City wheat finishing down 18¾¢ at $8.15½ per bushel.

The USDA's flash sale of 192,000 metric tons of soybeans to China is seen as a positive development ahead of the September World Agricultural Supply and Demand Estimates (WASDE) report.