Wheat futures rose more than 1% to around $5.90 per bushel, rebounding from a more than four-month low reached on November 12, as uncertainty persisted over Russia–Ukraine peace negotiations. Ukrainian President Volodymyr Zelenskyy welcomed European participation in upcoming talks with Russia, signaling some hope for progress toward a ceasefire and de-escalation. However, President Vladimir Putin warned Europe against deploying peacekeeping forces under any potential agreement, while refusing to dilute his territorial demands and pressing the United States to clarify whether its European allies are seeking peace or preparing for war. These developments highlight the deep divisions that continue to cloud the prospects for a settlement.
Upside in wheat prices was partly limited by supply-side optimism. Argentina’s Rosario Grain Exchange increased its 2026/27 wheat production forecast by 500,000 metric tons to 24.3 million tons, citing favorable weather conditions. In addition, Australia’s advancing harvest is now expected to total roughly 32 million tons, several million tons above earlier projections.
