Commodities
Black Sea Tensions Spark Wheat Price Surge
Wheat futures surged on Friday due to escalating tensions in the Black Sea region. The news of an attack by Ukraine on a Russian Baltic Port and Moscow's rejection of a Black Sea truce sparked market concerns about a possible squeeze on exports.
The Chicago Board of Trade's most active wheat contract settled 22 cents higher, at $6.74-3/4 a bushel. This increase comes as the war in Ukraine continues to affect grain supplies and prices. Despite hopes for peace talks, Russia has ruled them out, leading to a rise in market prices by 20 cents.
The impact of the Black Sea tensions is also being felt in other agricultural markets. Soybeans finished 10-1/4-cents higher, at $11.92-1/2 a bushel, while corn rose 11-1/4-cents to $4.83-1/4 a bushel.