CBOT Wheat Futures Soar Amid Black Sea Conflict Concerns

The Chicago Board of Trade's (CBOT) wheat futures contract extended its rally on Thursday due to concerns over the possibility of increased Russian strikes against Kyiv, which could lead to further disruptions in grain production.

Wheat futures gained 1.7% to $761-1/2 per bushel by 0203 GMT, while corn lost 0.3% at $534-3/4 a bushel and soybeans fell 0.5% to $12.59-1/2 per bushel.

The recent escalation of the conflict has raised uncertainty about global grain availability, with shipments via the Black Sea ports halted due to attacks in the last months.

According to Reuters, Egypt, which imports over 80% of its wheat from Russia and Ukraine, is already shifting demand to other regions due to the disruptions caused by the war along the Black Sea routes.