Wheat futures in Chicago jumped as much as 3.1% on Tuesday, the biggest increase since August 28, following signs that Russia remains committed to its war in Ukraine. The surge heightens concerns over prolonged disruptions to grain shipments from the Black Sea. Prices had slumped the previous week ahead of weekend talks between US envoys and President Vladimir Putin, but those meetings ended without progress.

CRM Agri Commodities noted that hopes for a breakthrough gave way to continued disruption. An escalation in the conflict has brought attacks on grain terminals in the Black Sea, sharply reducing exports of vital foodstuffs. After weekend meetings, Ukrainian President Volodymyr Zelenskyy said he didn't expect a quick end to the conflict.

President Vladimir Putin is determined to seize control of all of Ukraine's eastern Donetsk region and believes Russia's army can achieve that within six months. On Monday, Ukraine resumed strikes on Russian oil refineries.