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Wheat Jumps as Putin Says Kyiv Isn’t ‘Serious’ About Cease-Fire

Grain And Corn Storage At Kaap Agri Ltd. Silos
Photographer: Dwayne Senior/Bloomberg
Updated on

Wheat extended gains after Russian President Vladimir Putin said Tuesday that Ukraine wasn’t “serious” about finding a peaceful resolution to the ongoing conflict.

Futures in Chicago rose as much as 5.5% to $11.565 a bushel in New York after Putin criticized Kyiv to European Council President Charles Michel. The war is exacerbating fears of supply shortfalls as Russia’s invasion of Ukraine cuts off cargoes of the staple crop.