Wheat Falls as Putin's Peace Deal Hopes Spark Profit-Taking

Chicago wheat futures have been declining since reaching a high of $7.95 earlier in the week, and on Friday they fell by 12-1/2 cents to $7.42 per bushel.

This drop follows comments from Russian President Vladimir Putin that a peace deal to end the conflict in Ukraine was still possible, which triggered profit-taking after Wednesday's high.

Ed Duggan, a broker at Top Third Ag Marketing, said that any talk of peace negotiations would pressure the market, as wheat stuck in the Black Sea Region cannot be exported due to the conflict.

The Russian state news agency TASS and Axios reported that US diplomats are expected to visit Russia and Ukraine for peace talks over the weekend, but this has not been confirmed due to US security concerns.