Black Sea Attacks Send Wheat Prices Soaring

Global wheat buyers are preparing for supply cuts due to attacks on grain infrastructure and ships in the Black Sea.

The disruptions have led to a surge in grain prices, with wheat futures in Chicago rising over 17% since July.

Wheat prices are also increasing in major exporting countries such as Argentina, Australia, and the United States.

Recent attacks on ports and ships have forced shippers to delay or cancel dozens of grain shipments at the height of the export season.

A Singaporean trader told Reuters that ships were supposed to start arriving for loading from mid-August but many were unable to enter ports.