Wheat futures extended their longest losing streak since early January, as traders returning from a US holiday digested progress in negotiations to end the Middle East war.

Agricultural firm Cargill Inc. appointed Armando Giordano as its new head of world trading, according to people with knowledge of the matter.

Russia and China signed an agreement on the joint construction of a new railway link across their shared border, part of a broader push to expand transport ties and trade between the two countries.

Wheat futures in Chicago swung between gains and losses as traders assessed the lack of confirmation from China on the Trump administration’s announcement of billions of dollars in agricultural purchases.

An agreement on US agricultural sales to China outlined by the White House is raising optimism for a demand pickup beyond soybeans, helping to drive prices higher across the board for crop futures.

Heavy rains and colder-than-usual weather in Russia have resulted in the worst start to spring planting in many years, risking lower wheat harvests in the world’s top exporter of the grain.

Ukraine is targeting higher corn shipments next season as favorable weather is expected to boost harvests despite a fertilizer crunch caused by the conflict in Iran.

Grain and oilseed futures slumped in Chicago, on optimism that the US and Iran are nearing a peace deal to end the Middle East war that has fueled supply concerns for nutrient-intensive crops.

The extended closure of the Strait of Hormuz and extreme weather have jolted farm commodities prices to a two-year high, as fertilizer headaches and the prospect of smaller harvests drive food inflation risks.

Prime Minister Keir Starmer insists he’ll remain in the job and lead the Labour Party into the next general election, even as the controversy over his appointment of Peter Mandelson as ambassador to the US refuses to die down.

Fertilizer prices were dropping sharply Friday after Iran said the Strait of Hormuz was open, bringing relief to farmers even as they still face delays in deliveries.

Alex Sanfeliu, head of world trading at Cargill Inc., is leaving the top agricultural commodities firm after three decades, according to people familiar with the matter.

Wheat rebounded from a one-month low in Chicago as optimism over the ceasefire in the Middle East faded, with any re-escalation potentially threatening further supply chain disruptions and higher price for farm inputs.

India is in talks with major producers and exporters of nitrogen-based and phosphatic fertilizers to secure direct procurement, according to a person familiar with the matter, as the Middle East conflict disrupts trade and constrains output.

China and Russia are delaying fertilizer shipments to Nigeria as the Iran war shakes up the global supply chain for the crucial crop nutrients.

Crop prices pared earlier losses as the US unleashed its most intense day of attacks on Iran, even after President Donald Trump suggested the war in the Middle East will end soon.

Palm and soybean oil prices surged and wheat hovered near the highest in almost two years as the war in the Middle East drove up energy and fertilizer costs and threatened to tighten supplies across agricultural markets.

The conflict in Iran threatens to disrupt a major fertilizer production and shipping hub, raising the risk of higher crop costs and food inflation.

Soybean futures hit their highest point in 20 months on Thursday, ahead of the expected submission of biofuel blending quotas by the US Environmental Protection Agency.

Lukoil PJSC attempted a surprise push into grains trading from Dubai last year, before the plan was quickly scuppered by US sanctions on the Russian oil giant, according to people familiar with the matter.