Wheat futures climbed back above $7.30 per bushel, recovering from the losses recorded on September 4, after Washington’s renewed diplomatic push to end the Russia-Ukraine war failed to yield a significant breakthrough on restoring grain exports from both countries. Over the weekend, US officials met separately 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 but emphasized that no broader ceasefire had been agreed. He is also said to be intent on bringing the entire Donetsk region under Russian control within six months. At the same time, Ukraine resumed strikes on Russian oil refineries on Monday.
The escalating conflict continues to disrupt global grain trade, as repeated attacks on Black Sea ports and export infrastructure weigh on agricultural shipments and constrain export capacity from the region.
