(Bloomberg) — President Vladimir Putin and African leaders will take part in a meeting on Russia’s war on Ukraine on the second day of a summit in St. Petersburg. Putin is hosting 17 African counterparts after defending Russia’s exit from a Black Sea grain deal, in the face of concerns over rising food prices stoked by the war.
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Both Ukraine and Russia are intensifying their attacks as Kyiv’s long-awaited assault in the occupied south marks a new stage in the conflict. Kyiv is seeking to persuade its allies that it can take back lost territory, while Moscow has stepped up a long-range missile campaign. Ukrainian forces recaptured the village of Staromaiorske in the south of the Donetsk region.
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Wheat futures in Chicago were down for a third day, retreating from the highest close in five months, as the outlook for ample near-term supplies outweighed concerns over Russian attacks on Ukrainian port facilities. Prices of the food staple were up only about 1% for the week, relinquishing most of Monday’s 8.6% jump.
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