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Wheat and Corn Plunge on Ukraine-Russia Talks Optimism

  • Russia said it would cut back some military activity
  • Wheat, corn prices slid to the exchange’s daily limit
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Benchmark wheat and corn futures tumbled by the maximum allowed in Chicago trading as Russia signaled it may ease its attack in some parts of Ukraine, one of the world’s key sources of grain. 

Russia said it would cut back military activity near the cities of Kyiv and Chernihiv. A pullback on Russia’s month-old invasion could ease some of the disruptions to global grain markets wrought by the war.