Wheat fell below $7.30 per bushel after President Putin said there was a chance of a peace agreement with Ukraine, prompting traders to take profits after prices reached a more than three-year high. The EU said it was examining "all possible lanes" to support Ukrainian grain exports amid food-security concerns. Russia and Ukraine account for more than a quarter of global wheat exports, while nearly two months of attacks on commercial vessels in the Black and Azov seas have raised the risk of further disruptions. Russian wheat exports fell more than 50%, prompting Moscow to suspend its floating wheat export duty through the end of 2026, while Ukrainian exports declined 34% in 2026 so far. The supply risks add to pressure on global food commodities from adverse weather and higher fertilizer and fuel costs linked to the conflict in the Middle East.