Black Sea Tensions Push Wheat Futures to Three-Year High
The price of wheat futures at the Chicago Board of Trade (CBOT) has risen to its highest level in three years, driven by tensions over Black Sea grain exports. Wheat, corn, and soybeans all gained value as traders responded to reports that Russia could be targeting critical infrastructure across Ukraine.
Wheat futures rose 0.1% to $7.61-1/4 a bushel, with corn increasing by 0.3% to $5.35 per bushel. Soybeans climbed 0.5% to $12.74-5/4 a bushel.
The recent attacks on Black Sea ports have stopped almost all grain shipments, accounting for 70% of Russian grain exports. This has led to concerns about global availability and sparked calls from farmers and market analysts in Russia to reduce winter sowing areas to prevent domestic prices from collapsing.