Wheat futures fell for a fifth consecutive session to around 6.40 dollars a bushel, remaining at their lowest level since August 18, as renewed hopes for a Russia Ukraine peace deal weighed on prices following President Trump’s push for an agreement. Trump said Washington had received nothing back for its support of Ukraine and that it was time to make a deal. US special envoy Steve Witkoff is set to meet Russian President Vladimir Putin on Wednesday to discuss proposals to end the war, following talks with Ukrainian President Volodymyr Zelenskyy. Market tables for Tuesday’s close put wheat at 639.0 cents a bushel, down 0.66 percent on the day and 5.09 percent on the week, with corn at 459.8 cents, down 4.37 percent on the week, and soybeans at 1,245.0 cents, down 2.52 percent on the week.
The decline reverses the weekend’s direction, when wheat rose as strikes between Russia and Ukraine made a deal to restart Black Sea exports look less likely. Escalating attacks in the Black Sea since July have damaged shipping infrastructure and disrupted wheat exports from two of the world’s largest producers. Traders are now watching for progress toward a ceasefire, which could ease supply disruptions and bring more Russian and Ukrainian wheat to global markets.
The move also continues yesterday’s harvest story in a new key: corn remains under harvest pressure with funds cutting longs, while wheat’s driver has flipped from supply fear to diplomatic relief within 48 hours. That speed is the signal. The grain complex is treating Black Sea disruption as a negotiable premium rather than a structural loss, which leaves prices exposed to a sharp reversal if the Witkoff Putin meeting produces no framework.