Wheat Falls to 3-Week Low

Wheat fell towards $7.12 per bushel, the lowest level in three weeks, as renewed hopes for a Russia-Ukraine ceasefire raised expectations of reduced disruption to Black Sea grain shipments. US President Donald Trump announced a truce on strikes on Russia and Ukraine's energy facilities. Also, Turkey is seeking to broker a broader agreement between Kyiv and Moscow that could stop attacks on ships in the Black Sea. Ukraine has indicated it would support such a deal if Russia agrees, while the Kremlin has described the proposal positively. The prospect of improved trade flows has added pressure to wheat prices, which remain below the 3½-year high of $7.67 reached on August 28. Meanwhile, the latest USDA forecasts pointed to slightly above-average global wheat inventories. The agency also lowered its 2026/27 export forecasts for Russia by 3 million metric tons to 43 million tons and for Ukraine by 1 million tons to 12.5 million tons