Wheat futures remained under pressure on Wednesday, as reports of possible renewed peace negotiations between Russia and Ukraine weighed on prices.
Soybeans finished with minor losses, while corn managed small gains following recent declines.
Wheat markets reacted to reports that Russian President Vladimir Putin had agreed in principle to resume U.S.-mediated peace talks with Ukraine, potentially beginning in November. The developments raised hopes for an eventual easing of the Black Sea conflict, prompting traders to reduce some of the geopolitical risk premium built into wheat prices. December Chicago dropped 15 cents to $6.28 ¼, and December Kansas City tumbled 18 cents to $6.73. December Hard Red Spring managed to hold steady at $6.80, but December Minneapolis closed down 10 ¼ cents at $6.51 ½.
Soybeans remained under pressure from the advancing U.S. harvest and expectations for a large crop. However, fresh USDA export sales announcements of 134,000 tonnes to China and 165,000 tonnes to Spain helped limit losses. January beans fell 5 ¼ cents to $12.58 ¼, and November 2027 lost 9 ½ cents to $12.28 ¾.
Corn managed a modest rebound after several consecutive sessions of declines. Bargain hunting and technical buying helped lift prices from recent lows, although improving harvest conditions across the Midwest continued to limit gains. December and March corn each inched 1 ¼ cents higher to $4.63 ¼, and $4.77 ¼.
