Wheat declined toward $7.12 per bushel, its lowest level in three weeks, as renewed hopes for a Russia-Ukraine ceasefire raised expectations that disruptions to Black Sea grain shipments could ease. US President Donald Trump announced a truce covering strikes on Russia and Ukraine's energy facilities. Turkey is also seeking to broker a broader agreement between Kyiv and Moscow that could halt attacks on ships in the Black Sea. Ukraine has indicated it would support such an agreement if Russia accepts it, while the Kremlin has responded positively. The prospect of improved trade flows added pressure to wheat prices, which remain below the 3½-year high of $7.67 reached on August 28. The USDA (U.S. agriculture agency) also projected slightly above-average global wheat inventories and cut its 2026/27 export forecasts for Russia by 3 million metric tons to 43 million tons and for Ukraine by 1 million tons to 12.5 million tons.