Wheat futures remained below $6 a bushel, trading near their lowest levels since early July, as markets awaited the outcome of US-brokered peace talks between Russia and Ukraine. Officials from both countries met in Abu Dhabi for their first such negotiations since February, fueling hopes that any de-escalation could eventually revive grain exports through the Black Sea.
At the same time, expectations for stronger demand for French wheat are growing as importers look for alternatives to constrained Russian supplies. Lithuania also announced that grain from Russia and Belarus arriving via the port of Klaipeda will be subject to origin checks, a move that could delay shipments for months.
Despite these developments, overall market sentiment remains under pressure amid forecasts of ample global supply, including larger upcoming harvests in Australia and Argentina. Wheat prices have retreated steadily from their August 28 peak of $7.67 a bushel—a 3-1/2-year high—as global production is projected to reach its second-highest level on record.