PARIS: Euronext wheat rose on Wednesday to recoup some of its day-earlier losses as market participants turned more cautious on prospects for an end to the war in Ukraine that has slashed grain shipments through the Black Sea.

May milling wheat on Paris-based Euronext settled up 5.00 euros, or 1.4%, at 362.50 euros ($404.33) a tonne.

On Tuesday, the contract fell to its lowest level in over three weeks as signs of progress in peace negotiations between Russia and Ukraine pushed commodity markets lower and equities higher.

However, Russian forces bombarded the outskirts of Kyiv and a besieged city in northern Ukraine on Wednesday, a day after Moscow promised to scale down operations there, while also suggesting its demand for payment in roubles could be extended from gas to other commodities including grain.

“Analysts are saying a ceasefire agreement doesn’t look so close,” one futures trader said.

The wheat market has been particularly volatile since Russia began its invasion of Ukraine on Feb. 24. The two countries account for about 30% of world exports of the staple cereal.

Tenders held on Wednesday by Tunisia and Algeria also put attention back on high prices faced by importers trying to cover their requirements without normal Black Sea flows.

Tunisia booked around 125,000 tonnes of soft wheat, less than the 150,000 tonnes it had sought, while results in Algeria’s wheat tender were pending, according to traders.

Financial investors expanded their net long position in Euronext wheat futures and options last week, data published by the exchange showed.