Chicago wheat futures swung between gains and losses Friday as traders digested mixed signals on the Ukraine war. Russian President Vladimir Putin suggested possible peace talks at a Far Eastern forum, briefly lifting hopes for smoother grain exports and sending prices down 5.6% on Thursday. Yet within hours, Russian forces struck Black Sea vessels and Ukraine targeted a repair ship at a key oil terminal, underscoring stalled de-escalation.

Wheat is poised for its first weekly decline in a month after a 10% surge in late August. Argus analysts noted that Putin’s remarks triggered a sharp profit‑taking wave despite no visible de‑escalation. Buyers across Asia and the Middle East are hunting alternative supplies as Black Sea shipments stay low and port attacks curb exports.

The U.S. is pushing new peace efforts, with envoys Jared Kushner and Steve Witkoff set to visit Moscow and Kyiv, though Kremlin spokesman Dmitry Peskov called it too early for new initiatives.