Russia signals potential peace talks as wheat prices drop

Russian President Vladimir Putin has signaled a willingness to resume trilateral negotiations with the United States and Ukraine regarding the end of the war. According to reports, Putin's advisor, Yuri Ushakov, announced this following a meeting with American envoy Steve Witkoff in Saint Petersburg. The discussions are tentatively expected to resume after November 10.

Following this geopolitical development, wheat prices saw a significant decline. On the MATIF Paris commodity exchange, food wheat for December 2026 delivery fell by 3.82% to 232.75 EUR/t during a closed session on October 21. This drop represents the largest decline among major crops, as markets react to the possibility of a potential peace settlement.