Black Sea Disruptions Send US Wheat Prices Higher Amid Ongoing Attacks
Disruptions to Black Sea grain exports continue to impact global wheat markets. The Chicago Board of Trade's most active wheat contract rose 0.3% on Wednesday, reaching $6.64-1/2 a bushel at 1143 GMT.
The recent attacks by Russia and Ukraine on vessels and port infrastructure in the region have led to concerns about supplies. 'Ports remain severely disrupted, but the markets appear to believe that this situation will not last, which is keeping the geopolitical risk premium in check,' said a French trader.
Three major Russian grain terminals restricted truck deliveries due to heightened shipping risks following recent attacks and changes to grain flows after restrictions in the Sea of Azov. A missile strike also hit the Russian port city of Taganrog, a key grain-export hub on the Sea of Azov.