Wheat prices have continued their downward trend, reaching a two-month low of around $6.4 per bushel. This decline marks the fifth straight session of losses, driven by renewed optimism for a peace deal between Russia and Ukraine. US President Donald Trump has been vocal about the need for an agreement, stating that Washington has not received any benefits from its support of Ukraine.
US special envoy Steve Witkoff is scheduled to meet with Russian President Vladimir Putin on Wednesday to discuss potential proposals to end the war. These talks follow Witkoff's recent discussions with Ukrainian President Volodymyr Zelenskyy. The push for a ceasefire comes amid escalating attacks in the Black Sea since July, which have disrupted wheat exports from two of the world's largest producers.
Traders are closely monitoring the situation, hoping for progress toward a ceasefire that could alleviate supply disruptions. Such an outcome would likely bring more Russian and Ukrainian wheat to global markets, further pressuring prices.