Commodities
Chicago Wheat Futures Hit Three-Year Peak Amid Black Sea Tensions
The Chicago wheat futures market reached its highest level in three years, rising to $7.88 per bushel on Friday.
The surge was driven by concerns over military escalation in the Black Sea, which is threatening a prolonged squeeze on Russian and Ukrainian exports.
A report that Russia was considering stepping up missile strikes on Ukraine dimmed hopes of a swift recovery in Black Sea shipments after tit-for-tat attacks brought grain loadings to a virtual halt.
Jack Scoville, vice president of Price Futures Group, noted that 'Overall, Russia doesn’t seem inclined to pull back and allow any type of exports.'