Wheat futures plunge to $6.75 on peace hopes, weak El Nino, firm dollar

Wheat futures fell to $6.75/bushel in September, the sharpest drop in over two years, driven by Russia-Ukraine peace prospects, a weaker-than-expected El Nino, and a stronger US dollar. The decline reflects easing supply-side geopolitical risk and improved global crop outlooks, though the durability of peace talks and weather patterns remain uncertain. This signals lower food inflation pressure and reduced risk premium in agricultural commodities.