Trump said Russia and Ukraine agreed to an immediate "energy ceasefire",
prompting hopes that reduced Black Sea disruptions will ease global wheat supply
risks. Chicago wheat futures fell for a fourth straight session, sliding as much
as 1.3% before trimming losses. Russia and Ukraine together account for more
than a quarter of global wheat exports. The USDA unexpectedly raised its U.S.
corn production forecast, adding further downward pressure on grain prices. Joe
Davis, head of commodity sales at Futures International, said the market
reaction expectations of broader de-escalation reflect rather than the
ceasefire alone.
