Putin's Peace Talks Send Wheat Prices Reeling

Wheat prices have pulled back from their three-year high as traders take profit after President Putin's announcement that there was a chance of a peace agreement between Russia and Ukraine.

The EU has also stated it is looking into 'all possible lanes' to support grain exports from Ukraine, highlighting concerns over food security amid a backdrop of disrupted supply chains.

Russia and Ukraine account for more than a quarter of global wheat exports, with the conflict in the Black and Azov seas resulting in a significant decline in shipments. Russia's wheat exports have dropped by over 50%, while those from Ukraine are down 34% this year so far.