Wheat fell below $7.30 per bushel, easing from over a three-year high, amid expectations of a peace agreement between Russia and Ukraine. President Putin stated there was a chance of a peace agreement to end the war with Ukraine, which triggered profit taking by traders. The EU also stated it was looking into “all possible lanes” to support grain exports from Ukraine, citing concerns over food security. As Ukraine and Russia account for more than a quarter of global exports, nearly two months of persistent attacks on commercial vessels in the Black and Azov seas raised concerns over further grain supply disruptions. The conflict resulted in a decline in wheat exports from Russia by more than 50%, which suspended its floating export duty on wheat through the end of 2026, and from Ukraine by 34% in 2026 so far. The disruption adds to the pressures building within global food commodities amid adverse weather and higher fertilizer and fuel prices due to the conflict in the Middle East.