Black Sea Disruption Sends Wheat Prices Soaring

The wheat market is finally reacting to the escalating situation in the Black Sea, with prices jumping 45c/bu after weeks of seeming indifference.

The disruption at the Novorossiysk terminal could take four months to resolve, assuming no further damage, which would leave the world's exportable surplus landlocked and supply-constrained.

This has significant implications beyond wheat, with potential flow-on effects into other agricultural commodities like corn.

Australian growers may also be affected, as the Black Sea's return to operation could coincide with their harvest and export window.