Wheat Prices Drop as Ukraine Proposes Truce with Russia

The wheat market declined on Thursday, with Chicago SRW contracts experiencing losses of up to 2 ¼ cents. Kansas City HRW futures saw fractional to 3 cent losses across most contracts at the close. MPLS spring wheat saw weaker front month action, down 3 ¼ to 4 ¼ cents in the nearbys.

Ukraine proposed a truce with Russia on Thursday morning to stop attacking civilian targets on the Black Sea. However, there has been no response from Russia as of yet. This news comes as weekly Export Sales data showed net sales of 255,931 MT, which was in line with trade ideas for between 200,000 and 500,000 MT in 2026/27 sales.

The top buyers of wheat were Mexico and South Korea, who purchased 101,100 MT and 87,700 MT respectively. This is down from the same week last year, when net sales were up 64.59%. The CBOT Wheat price closed at $6.52 3/4, while KCBT Wheat closed at $7.20 1/2.