FX.co ★ Wheat Extends Decline to Over 2-Month Low

Wheat futures declined for a fifth straight session to about $6.40 per bushel, hovering at their lowest level since August 18. The drop came as renewed optimism over a possible Russia–Ukraine peace agreement pressured prices, following US President Donald Trump’s call to secure a deal. Trump stated that Washington had received nothing in return for its support of Ukraine and argued that it was time to negotiate.

US special envoy Steve Witkoff is scheduled to meet Russian President Vladimir Putin on Wednesday to discuss proposals to end the war, after holding talks with Ukrainian President Volodymyr Zelenskyy. Since July, intensifying attacks in the Black Sea have damaged port and shipping infrastructure, disrupting wheat exports from Russia and Ukraine, two of the world’s largest suppliers. Market participants are now closely monitoring any progress toward a ceasefire that could ease logistical bottlenecks and increase the flow of Russian and Ukrainian wheat onto global markets.