U.S. wheat futures sink to 14-week lows on Ukraine peace efforts

What happened: CBOT wheat futures fell to 14-week lows after U.S. special envoy Steve Witkoff met Russia's President Putin in St. Petersburg to discuss a possible peace deal, and President Trump increased pressure on Ukraine to reach an agreement with Russia. Key numbers: Wheat Why it matters: Grain traders are watching for progress in settling Russia's war in Ukraine, and a ceasefire could unlock large quantities of wheat from two of the world's largest producers, sending prices lower. Hedge funds have pared net-bullish wheat bets, with bearish positions at a three-month high last week. Market: +0.6% today ($17.96), +1.9% YTD, 1.6x vol — as of 22:46 UTC

CBOT wheat futures fell to 14-week lows after U.S. special envoy Steve Witkoff met Russia's President Putin in St. Petersburg to discuss a possible peace deal, and President Trump increased pressure on Ukraine to reach an agreement with Russia.

Grain traders are watching for progress in settling Russia's war in Ukraine, and a ceasefire could unlock large quantities of wheat from two of the world's largest producers, sending prices lower. Hedge funds have pared net-bullish wheat bets, with bearish positions at a three-month high last week. Market: +0.6% today ($17.96), +1.9% YTD, 1.6x vol — as of 22:46 UTC