Chicago Board of Trade wheat futures (ticker ZW) fell approximately 2.7% on Thursday, pulling back from the multi‑year highs set earlier in the week. The decline was triggered by comments from Russian President Vladimir Putin, who at an economic forum in Russia’s Far East said there was a chance of a peace agreement to end the war in Ukraine. Putin noted that restarting negotiations had become more difficult because of Ukrainian attacks on shipping and Kyiv’s request that civilian aircraft avoid Russian airspace.
Traders interpreted the remarks as a cue for profit‑taking after a sharp rally over the past month that had been driven by concerns over possible disruptions to Black Sea grain exports from Russia and Ukraine. Some market participants cautioned that the statements did not guarantee an immediate reduction in military activity and that physical disruptions to Black Sea grain shipments remained unchanged.
According to the Ukrainian Grain Association (UGA), Ukraine’s combined grain and oilseed exports dropped to 1.2 million metric tonnes in August, down from 2.5 million metric tonnes in July. The decline reflects the impact of the conflict on export logistics.
On the same day, Saudi Arabia announced a wheat import tender. Russia, a regular supplier of wheat to Saudi Arabia, is expected to respond, while market observers continue to monitor how suppliers will adjust to the tender amid ongoing geopolitical uncertainty.