European Wheat Prices Soar Amid Escalating Conflict

The price of European wheat futures has surged by 4% to a new one-month high as concerns about war disrupting grain trade in the Black Sea escalate.

A report from Bloomberg News, citing three sources close to the Kremlin, suggests Russia may intensify its attacks on Ukraine after peace negotiations failed.

This news has further dampened hopes of resuming Black Sea shipments. Repair works at one of three major grain terminals in Novorossiysk, Russia's main export port, are expected to take four months or longer.

Despite the uncertainty, some importers remain hopeful for a Black Sea agreement that would likely push prices down.