Wheat Futures Surge as Ukraine Diplomatic Hopes Fade
Chicago wheat futures have surged after hopes for a US diplomatic effort to end the war in Ukraine began to fade. The conflict has disrupted Black Sea grain shipments, prompting buyers to look elsewhere.
The most-traded wheat contract on the Chicago Board of Trade (CBOT) jumped by 2.2% to $7.51-1/4 a bushel by 10:46 GMT. It had reached as high as $7.63 in earlier overnight trade. CBOT corn also gained, rising 0.6% to $5.39-3/4 a bushel.
US peace envoys Jared Kushner and Steve Witkoff met with Russian President Vladimir Putin in Moscow and Ukrainian President Volodymyr Zelenskiy in Kyiv over the weekend, but their efforts did not yield a breakthrough. According to traders, the talks failed to secure an agreement that would allow for the resumption of large-scale Ukrainian and Russian grain exports.
Ukrainian President Zelenskiy stated on Tuesday that the US peace negotiators had presented 'several decent ideas' during their discussions.