Black Sea Tensions Send Wheat Prices Soaring to Daily Limit

Global grain markets have seen significant price movements due to ongoing tensions in the Black Sea region. On Wednesday, Chicago's most-active wheat futures reached their daily limit at $7.48-1/4 per bushel, hitting fresh multi-year highs.

The escalation of ballistic missile strikes by Russia on Kyiv has cast doubt over global availability of grains, particularly Ukrainian corn and Russian wheat. The disruption to Black Sea exports has been ongoing, with a virtual halt in grain loadings at ports due to tit-for-tat attacks.

Most-active corn rose 13 cents to $5.36-1/2 per bushel on spillover strength from wheat futures, also hitting life-of-contract highs. Soybeans ticked 28-1/4 cents higher to $12.66 a bushel as China continued purchasing U.S. soybeans and crude oil prices recovered.