Chicago Wheat Surges to Three-Year High Amid Ukraine Conflict
Chicago wheat futures surged to a three-year high on Thursday after reports that Russia may intensify strikes on Ukraine fueled fears of prolonged disruptions to the Black Sea grain trade.
The most-traded wheat contract on the Chicago Board of Trade rose by 13 cents to $7.61-1/2 per bushel, its highest level since July 2023.
Wheat crops in France and the U.S. Plains were damaged by blistering heat and drought before the latest developments in Russia's war with Ukraine set up the market for a rally.
'This was the match that lit the fire, but it's been smoldering for a very long time,' said Jon Marcus, principal owner of Lakefront Futures.
Corn futures eased on profit-taking after setting multiyear highs on Wednesday, while soybeans were 1-1/4 cents higher at $12.67-1/2 a bushel.