Black Sea Conflict Sends Grain Prices Skyrocketing

Grain and oilseed prices surged on Wednesday after reports emerged that Russian President Vladimir Putin is considering escalating the war in Ukraine, which could disrupt grain vessel traffic in the Black Sea.

The Chicago Board of Trade saw significant gains, with wheat futures rising to a new high. Soft wheat jumped by 45 cents per bushel, while hard red winter wheat and spring wheat increased by about 40 and 30 cents respectively.

Soybean prices also rose sharply due to strong export demand, gaining nearly 30 cents from the Black Sea news.

Corn prices reached a three-year high as hot and dry conditions forecast for the U.S. Corn Belt next week threaten yields.