Talk of a possible peace deal in the Russia-Ukraine conflict were among factors that led to a dip in wheat prices last week, according to the Agricultural and Horticultural Development Board (AHDB).

During the period in question, UK November 2026 future prices had actually reached a high of £219.25/t on the Wednesday (September 5).

However, prices fell on Thursday and Friday, following the global trend.

The contract ended the trading week at £212.50/t, down £3.25/t from the previous Friday.

The same period also saw December 2026 Paris wheat futures lose 1.9%, while December 2026 Chicago wheat futures fell by 6.4%.

Global wheat prices dipped after the Russian president suggested that a peace deal with Ukraine may still be possible. Russia had previously ruled out the possibility.

Selling by speculative traders, who had previously bought into Chicago futures markets, reportedly contributed to the steeper price falls in the US.

Markets will be closely watching to see if negotiations between Russia and Ukraine take place over the coming weeks.

If this is the case, then an increase in export levels through the Black Sea will follow.

Another factor to be considered is the possibility that Lativa and Lithiania may restrict or ban Russian exports from their ports on the Black Sea.

Meanwhile, harvesting is underway in Saskatchewan, Canada’s top cereal growing province.

By the end of August, 32% of barley, plus 12% of the oats and 6% of spring wheat area had been cut.

Maize

Turning to maize, December 2026 Chicago futures were almost unchanged over recent days.

Positive US export sales data and worries about US maize yields as harvest gets underway supported prices.

US export sales of maize in 2026/2027 for the week ending August 27 were above trade-expectations at 1.99Mt.

Maize harvesting is also underway in France, where crops are in very poor condition after this summer’s drought and heat waves.

It has been reported that crops are six days ahead of last year’s early development, with 3% of French maize cut by August 31.

Alongside the conflict in the Black Sea, any early maize yields reports are likely to influence prices over the coming days.

The United States Department of Agriculture (USDA) will shortly update its world supply and demand forecasts, and US maize yields are likely to be in focus.

Where global oilseed markets are concerned, prices are remaining firm.

Futures prices generally rose over recent days after renewed strikes in the Middle East pushed crude oil prices higher.

There was also support for prices from ongoing concerns about the impact of hot weather on US soya bean crops, and stronger US export sales.