Wheat futures rise above $7.30 as peace talks disappoint
Wheat futures rose above $7.30 per bushel, rebounding from losses on September 4. The move follows renewed US efforts to end the Russia-Ukraine war failing to produce progress on restoring grain exports amid disrupted Black Sea shipments.
30 per bushel, recovering from losses on September 4, as Washington’s renewed push to end the Russia-Ukraine war failed to produce a meaningful breakthrough on restoring Ukrainian and Russian grain exports. Over the weekend, US representatives met with Russian President Vladimir Putin in Moscow and Ukrainian President Volodymyr Zelenskyy in Kyiv. Putin reportedly ordered a three-day pause in Russian attacks on Kyiv to coincide with the US delegation’s visit to Ukraine, but said the sides had not agreed on a broader ceasefire.
Putin is reportedly determined to bring the entire Donetsk region under Russian control within six months, while Ukraine resumed strikes on Russian oil refineries on Monday. The conflict continues to disrupt grain trade, with attacks on Black Sea terminals and export infrastructure hampering agricultural exports.