Putin's Ukraine Peace Hints Spark Wheat Price Drop

Chicago Board of Trade wheat futures dropped on Thursday as Russian President Vladimir Putin signaled a possible peace agreement to end the war in Ukraine.

Putin's comments prompted profit-taking among traders following a sharp rally over the past month driven by concerns about potential disruptions to Black Sea grain exports from Russia and Ukraine.

The Ukrainian government has been under pressure to negotiate a deal with Russia, but some traders warned that Putin's statements did not indicate an immediate reduction in military activity.