(Sept 8): Wheat surged the most in more than a week on signs Russia remains committed to continuing its war in Ukraine, heightening concerns about prolonged disruptions to grain shipments from the Black Sea.

Futures in Chicago jumped as much as 3.1% on Tuesday, the biggest increase since Aug 28, after markets reopened following the Labor Day holiday. Prices slumped last week ahead of weekend talks between US envoys and President Vladimir Putin on Ukraine, but the meetings ended without any sign of progress.

“Hopes for a genuine breakthrough in Russia-Ukraine peace talks over the weekend gave way to more of the same disruption to Black Sea grain shipments,” said CRM AgriCommodities in a note on Monday.

An escalation in the Russia-Ukraine war has brought attacks on grain terminals in the Black Sea and infrastructure used to ship wheat and corn, among other products, sharply reducing exports of vital foodstuffs. After meetings with US representatives over the weekend, Ukrainian President Volodymyr Zelenskyy said he didn’t expect a quick end to the conflict with Moscow.

Putin is determined to seize control of all of Ukraine’s eastern Donetsk region and believes Russia’s army can achieve that goal within the next six months, according to people familiar with the matter. On Monday, Ukraine resumed strikes on Russian oil refineries.

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