Wheat climbs as Russia rejects ceasefire
The global rise in wheat prices came after Russia's refusal to halt attacks on grain ships in the Black Sea, raising concerns over ongoing disruptions to food shipments. Chicago wheat futures increased by up to 4%, marking the largest gain since August 26, particularly after the Labor Day holiday and the market’s reopening. Although Ukrainian President Zelensky proposed including grain issues in upcoming negotiations, Russian Foreign Minister Lavrov described the proposal as unrealistic and difficult to monitor. This coincided with mutual attacks on Black Sea ports, leading to a sharp decline in food exports, with expectations that the Russia-Ukraine conflict will not end soon. In the markets, wheat prices rose by 1.7% to $7.4675 per bushel in London, after last week’s decline, while corn prices increased by 0.2%. Soybeans remained stable.
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