Black Sea Attacks Push Wheat Futures to Three-Year High

Russia and Ukraine's ongoing attacks on each other's commercial ships and ports in the Black Sea and Sea of Azov have led to a significant disruption in grain exports from both countries.

This has resulted in wheat futures reaching their highest level in three years, with Russia and Ukraine accounting for over a quarter of global wheat exports. They also produce large amounts of barley, corn, and sunflower oil.

The recent situation is reminiscent of 2022, when Russia's invasion of Ukraine suspended loadings at Ukrainian ports, pushing grain prices to records.