Wheat futures fell below $6.00 a bushel on Friday, their lowest level since early July, as growing optimism over renewed peace efforts in the Black Sea region reduced the geopolitical risk premium. US-brokered talks between Ukraine and Russia are set for November 10–11 in Abu Dhabi, with technical teams from both countries and the United States expected to take part. US President Donald Trump also indicated that the conflict could end soon, following discussions with a Kremlin envoy, fueling hopes for an agreement that may eventually restore grain shipments from the region, a key global agricultural hub.
At the same time, the prospect of peace compounds existing downward pressure stemming from ample world supplies. Wheat prices have retreated steadily since hitting a 3-1/2-year high of $7.67 on August 28, as global production is projected to reach its second-highest level on record, driven by larger harvests in Australia and Argentina.
