Wheat climbed over 1% to around $5.90 per bushel, rebounding from a more than four-month low hit on November 12, as uncertainty lingered over Russia-Ukraine peace talks. Ukrainian President Volodymyr Zelenskyy welcomed European involvement in upcoming peace talks with Russia, signaling hope for progress toward a ceasefire and de-escalation. However, Putin warned Europe against deploying peacekeeping troops under any deal while refusing to soften his territorial demands and pressing the US to clarify whether its European allies seek peace or war. The latest developments underscore deep divisions clouding the outlook for a settlement. However, gains in wheat were partly capped by Argentina’s Rosario Grain Exchange raising its 2026/27 wheat production forecast by 500,000 metric tons to 24.3 million tons, citing favorable weather conditions. Elsewhere, Australia’s advancing harvest is projected to yield roughly 32 million tons, several million tons above earlier estimates.

Wheat remained near $6 a bushel, close to its lowest level since early July, on expectations of easing Black Sea tensions despite limited progress in Russia-Ukraine peace talks. The first direct negotiations in months ended with an agreement on a prisoner exchange but no breakthrough on protecting maritime trade. Ukraine also claimed responsibility for a drone strike on Russia’s Baltic Sea port of Ust-Luga, an alternative export route for Russian shipments. Meanwhile, Algeria is believed to have purchased around 700,000 metric tons of wheat in an import tender, with part of the volume expected to come from Argentina, highlighting growing competition from Southern Hemisphere suppliers. Wheat has steadily declined from its 3-1/2-year high of $7.67 on August 28, as production is forecast to reach its second-highest level on record, supported by favourable harvest prospects in Australia and Argentina.

Wheat remained near $6 a bushel, hovering around their lowest level since early July, as traders awaited the outcome of US-brokered peace talks between Russia and Ukraine. Officials from the two countries met in Abu Dhabi for their first such discussions since February, raising hopes that a de-escalation could eventually restore Black Sea grain trade. Meanwhile, expectations of stronger demand for French supplies are growing as buyers seek alternatives to restricted Russian shipments. Lithuania also announced that Russian and Belarusian grain arriving through the port of Klaipeda would face origin checks, potentially delaying exports for months. Nevertheless, broader market sentiment remained pressured by expectations of abundant global supplies, with larger harvests forecast in Australia and Argentina. Wheat prices have fallen steadily from their August 28 peak of $7.67 a bushel, a 3-1/2-year high, as global production is expected to reach its second-highest level on record.