PARIS/BEIJING: Chicago wheat futures jumped on Tuesday as hopes faded for a US diplomatic effort to end the war in Ukraine, which has disrupted Black Sea grain shipments.
Corn prices also advanced, while soybeans were little changed.
The most-traded wheat contract on the Chicago Board of Trade (CBOT) was up 2.2percent at USD7.51-1/4 a bushel by 1046 GMT. It had jumped as high as USD7.63 in earlier overnight trade.
CBOT corn gained 0.6percent to USD5.39-3/4 a bushel, while soybeans were nearly unchanged at USD13.10-1/4 a bushel.
US peace envoys Jared Kushner and Steve Witkoff met Russian President Vladimir Putin in Moscow and Ukrainian President Volodymyr Zelenskiy in Kyiv over the weekend, but their diplomatic efforts did not appear to secure a breakthrough in ending the war and enable Ukrainian and Russian grain exports to resume at scale, traders said.
Ukrainian President Volodymyr Zelenskiy said on Tuesday the US peace negotiators had presented several “decent ideas” during the talks.
Tit-for-tat attacks by Russia and Ukraine on each other’s ports and shipping have brought the countries’ Black Sea exports to a near halt, prompting buyers to look for alternatives.
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