Wheat Prices Surge to Multi-Year High Amid Black Sea Supply Fears

Deep News07-23 01:00

Escalating attacks between Ukraine and Russia have ignited market fears over potential disruptions to export shipments from the critical Black Sea grain hub, sending wheat prices soaring to their highest level in two years.

Assaults targeting ports and vessels are intensifying. Earlier this week, a vessel carrying barley for agribusiness giant Archer-Daniels-Midland Co. came under attack at the Ukrainian port of Odesa. Russia has also prohibited ships from calling at ports in the Azov Sea and the Caucasus region due to a lack of organized air defense systems. Together, the two nations account for more than a quarter of global wheat exports and roughly one-tenth of corn exports.

Chicago wheat futures surged as much as 4.4% at one point, while corn prices jumped up to 2.4%.

Current Market Levels

As of 10:50 a.m. local time, wheat futures on the Chicago Board of Trade were up 4.2% at $7.0675 per bushel.

Corn futures advanced 2.1% to $4.8525 per bushel.

Soybean futures gained 1.3%, trading at $12.3875 per bushel.

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