03.09.202611:04:29UTC+00Wheat Eases From 3-Year Peak

Wheat futures fell below $7.30 per bushel, retreating from their highest level in more than three years, as expectations grew for a potential peace agreement between Russia and Ukraine. President Putin signaled there was a possibility of a deal to end the war, prompting traders to lock in gains and take profits.

At the same time, the European Union announced it was exploring “all possible lanes” to facilitate Ukrainian grain exports, underscoring mounting concerns over global food security. Together, Ukraine and Russia supply more than a quarter of the world’s wheat exports, and nearly two months of sustained attacks on commercial vessels in the Black and Azov Seas have intensified fears of further disruptions to grain shipments.

The conflict has already led to a sharp decline in exports: Russian wheat shipments have fallen by more than 50%, even as Moscow suspended its floating export duty on wheat through the end of 2026, while Ukrainian wheat exports are down 34% so far in 2026. These supply constraints are compounding upward pressure on global food commodity prices, which are also being squeezed by adverse weather conditions and rising fertilizer and fuel costs linked to the conflict in the Middle East.