Wheat futures ended sharply lower Thursday as renewed Russia-Ukraine peace talk prompted profit taking and pulled some geopolitical risk premium out of the market.
Russian President Vladimir Putin said there was a potential path toward peace with Ukraine and expressed willingness to resume talks. The losses were much steeper earlier in the session, with Chicago wheat down more than 40 cents at one point before bargain buying helped prices recover from the lows. December Chicago wheat fell 19 ¾ cents to $7.54 ¼, and December Kansas City wheat lost 18 ¾ cents to $8.15 ½. December Hard Red Spring dropped 8 ½ cents to $7.76 ½, and December Minneapolis declined 16 ½ cents to $7.65 ½.
Corn also finished lower, as weakness in wheat and some profit taking weighed, although the market likewise recovered well off its session lows. December was down 2 ¾ cents at $5.40 ¾, and March lost 2 ¼ cents to $5.56.
Soybeans managed to turn higher after trading lower earlier in the day, supported by bargain buying and continued Chinese demand. USDA announced another 192,000-tonne soybean sale to China on Thursday morning, while strength in soybean meal provided additional support to the complex. November gained 6 cents to $13.16 ¼, and November was 6 ¼ cents higher at $13.36 ¾.
