Wheat Futures Slide Amid Ongoing Ukraine-Russia Conflict

Chicago wheat futures continued their decline on Friday, slipping from a three-and-a-half-year high reached earlier in the week. The most-active contract on the Chicago Board of Trade (CBOT) fell by 12.5 cents to $7.42 per bushel as of 10:10 a.m. CT.

The drop comes after Russian President Vladimir Putin's comments on Thursday that a peace agreement with Ukraine remained possible, sparking profit-taking from investors. Ed Duggan, a broker with Top Third Ag Marketing, said 'Any talk of peace talks is going to pressure the market.'

Disruption to Black Sea grain shipments due to the war between Russia and Ukraine has had a significant impact on global wheat prices. Asian importers have been forced to look elsewhere for supplies, buying at least half a million metric tons of Australian and Argentine wheat in recent deals.