Black Sea Attacks Drive Wheat Prices to Two-Year High

The Black Sea region has become a flashpoint for grain exports, and attacks on shipping have sent wheat prices soaring to their highest in two years.

The most active wheat contract on the Chicago Board of Trade (CBOT) rose by 1.1% to US$7.03-3/4 a bushel, reaching a two-year high of US$7.11-1/4.

Ukrainian President Volodymyr Zelenskiy warned that Russia would step up attacks on vessels in the Black Sea, accusing Moscow of plans to undermine Ukraine's grain corridor.

The security risks are affecting businesses and shipping, with Allseeds halting operations in Ukraine's southern Odesa region due to escalating Russian missile and drone attacks on port and logistics infrastructure.