Chicago wheat futures jumped on Tuesday as hopes faded for a U.S. diplomatic effort to end the war in Ukraine, which has disrupted Black Sea grain shipments, analysts and traders said.Corn and
Chicago wheat futures jumped on Tuesday as hopes faded for a U.S. diplomatic effort to end the war in Ukraine, which has disrupted Black Sea grain shipments, analysts and traders said.
Corn and soybean futures chopped up and down as traders adjusted positions ahead of Friday's U.S. Department of Agriculture supply and demand report.
The most-traded wheat contract on the Chicago Board of Trade was 4-3/4 cents higher to $7.38-3/4 per bushelas of 11:00 a.m. CT (1600 GMT). It had jumped as high as $7.63 in earlier overnight trade.
CBOT corn fell 2-3/4 cents to $5.34 a bushel, while soybeans rose 2-1/4 cents to $13.12 a bushel.
"Trump envoys went over the weekend and didn't come back with anything concrete," said Jim Gerlach, president of A/C Trading. "Everyone's trading headlines."
U.S. 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 U.S. peace negotiators had presented several "decent ideas" during
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