Chicago Wheat Futures Hit Three-Year Peak Amid Black Sea Tensions

Chicago wheat futures rose to a three-year peak on Friday as concerns about military escalation in the Black Sea kept traders focused on potential disruptions to Russian and Ukrainian exports.

The most-traded wheat contract on the Chicago Board of Trade increased by 25.5 cents to USD7.86-1/4 per bushel at 10:20 a.m. CDT (1520 GMT), reaching its highest level since February 2023.

Traders pointed out that Russia was considering stepping up missile strikes on Ukraine, which would further reduce Black Sea shipments and worsen the export squeeze.

A commercial vessel sank off the coast of Romania in the Black Sea on Thursday evening after likely being hit, adding to concerns about war risks to shipping in the region.