🔴🌾SRW wheat has fallen 22% since its early September peak. Prices dropped another 2.18% today as reports emerged that Putin and Zelensky are willing to restart negotiations (see post below). For now, though, that’s an ambition, not an official plan. There’s no agreed framework or timetable. Russian wheat exports are still 50% below last year, while Ukrainian exports are the same. 🇷🇺Putin has previously said he wouldn’t accept a partial deal : any agreement would have to address the whole war. The conflict began in 2014, and here we are, more than a decade later. 🎯Technically, wheat has returned to a major support level that could point to higher prices. As the saying goes: “Buy to the sound of cannons, sell to the sound of trumpets.” Today, many seem to be selling in anticipation of a deal that may still be a long way off. I’m buying today. I could be wrong, of course, but I’ve kept the risk tightly controlled, and the potential reward makes the trade worthwhile for me.