Black Sea Attacks Send Wheat and Corn Prices Soaring

Wheat and corn prices have surged to their highest levels in two years due to escalating attacks on Black Sea ports and shipping. The threats against vessels and ports have raised fears that the Black Sea could become a difficult route for exporters to get their crops to Africa, the Middle East, and Asia.

The Chicago Board of Trade (CBOT) reported a 1.1% increase in wheat prices, with a price of $7.03-3/4 per bushel at 1021 GMT. This puts it on course for a gain of more than 20% this month.

Ukraine's Agriculture Minister stated that some shipowners have temporarily suspended arrivals in Black Sea ports for agricultural exports due to recent attacks on ports and merchant vessels.