Russia-Ukraine peace talks could begin next year, ex-MI6 chief says

Chicago Board of Trade wheat futures experienced a decline on Friday, following a retreat from a 3-1/2-year high earlier in the week. Traders were closely monitoring diplomatic efforts to end Russia’s war with Ukraine, which could potentially alleviate disruptions to Black Sea grain shipments. On Thursday, the benchmark wheat contract had already dropped following Russian President Vladimir Putin's statement that a peace agreement to put an end to the war in Ukraine was still plausible.

The Kremlin affirmed on Friday that the prospect of a Ukraine peace settlement remained, yet they refrained from confirming reports that U.S. envoys were anticipated to travel to Russia and Ukraine in the upcoming weekend for peace negotiations. Both Russian state news agency TASS and U.S. news outlet Axios separately reported that Steve Witkoff and Jared Kushner were set to visit Moscow and Kyiv within the next two days.

However, the plans for U.S. envoys to visit Russia and Ukraine this weekend have not been finalized due to U.S. security concerns, according to a source familiar with the situation. The tit-for-tat attacks by Russia and Ukraine on each other's ports and shipping have effectively halted their Black Sea exports. This has prompted Asian wheat importers to purchase a significant amount of wheat, at least half a million metric tons, from Australia and Argentina in recent deals, according to trade sources.

The CBOT December soft red winter wheat futures settled 20-1/4 cents lower at $7.34 per bushel. This report was AI-generated with the assistance of an editor.