Wheat futures rose above $7.30 per bushel after losses on September 4, as renewed US diplomatic efforts failed to produce a meaningful breakthrough toward restoring Russian and Ukrainian grain exports. US representatives met Russian President Vladimir Putin in Moscow and Ukrainian President Volodymyr Zelenskyy in Kyiv over the weekend. Putin reportedly ordered a three-day pause in attacks on Kyiv during the delegation’s visit but said the sides had not agreed to a broader ceasefire. Russia and Ukraine account for 27%-32% of global wheat trade, while attacks on Black Sea terminals, vessels and export infrastructure have cut shipments by more than 40% from a year earlier. Ukraine also resumed strikes on Russian oil refineries, while drought and damaged infrastructure continue to constrain supply and encourage importers to seek alternative origins.