US Peace Efforts Falter, Wheat Futures Rally Above $7.30

Wheat futures have rebounded above $7.30 per bushel as renewed US efforts to end the Russia-Ukraine conflict failed to deliver a significant breakthrough in grain exports.

A three-day pause in Russian attacks on Kyiv coincided with a visit from US representatives, but President Putin stressed that no broader ceasefire had been agreed upon.

The intensifying conflict has disrupted grain trade, as attacks on Black Sea terminals and export infrastructure hamper agricultural exports.