Commodities
Black Sea Port Attacks Send Wheat Prices Soaring
Global wheat prices have surged to their highest level in two weeks following attacks on ports in Ukraine and Russia, according to UkrAgroConsult.
The Chicago wheat futures climbed to its highest since July 30, while Paris wheat futures also advanced, Bloomberg reported.
Prices received additional support after a drone attack on the Russian port of Novorossiysk caused significant damage to several terminals and halted shipments. Russia subsequently struck Ukrainian ports along the Danube River, further increasing risks to grain exports from the region.
Russia and Ukraine together account for more than a quarter of global wheat exports, meaning prolonged disruptions to Black Sea shipments could have a significant impact on international trade.