Wheat Prices Plummet on Russia-Ukraine Peace Hopes

Global wheat prices declined last week due to a glimmer of hope for a peace deal between Russia and Ukraine. Russian President's suggestion that a deal may still be possible caused investors to take profits, leading to a 1.9% drop in Paris wheat futures and a 6.4% decline in Chicago wheat futures.

The steeper price fall in the US was partly attributed to selling by speculative traders who had previously bought into Chicago futures markets.

Meanwhile, in Canada, harvesting is underway in Saskatchewan, where 32% of barley, 12% of oats, and 6% of spring wheat have been cut as of August 31.