Black Sea Conflict Drives Up Wheat Prices Amid Disrupted Shipments

Chicago wheat futures rose by 0.2% to $6.43½ per bushel on Thursday, as disruptions to grain exports from the Black Sea continued to support prices.

The ongoing military conflict between Russia and Ukraine is driving up wheat prices, according to Vitor Pistoia, an agricultural markets analyst at Rabobank.

Pistoia noted that escalating attacks on vessels, ports, and export terminals across the Black Sea have disrupted grain shipments, with alternative routes unable to fully replace lost shipping capacity before the end of August.

Despite this, global production remains sufficient, and there is no significant worldwide supply shortage, Pistoia said.