Global Markets Volatile Amid Escalating Conflicts

The global market is experiencing significant volatility due to ongoing conflicts and trade tensions. In the grain markets, wheat led modest gains overnight, with December SRW and HRW wheat up around 7 cents each.

The Russia-Ukraine war continues to escalate, with both sides targeting each other's shipping infrastructure. This has raised concerns about commodity flows from the region, with Ukraine striking a major Russian Black Sea port overnight.

Meanwhile, tensions between the US and Iran are also escalating, with the US attacking several Iranian oil tankers in response to attacks on its warships. Brent crude oil prices rose 2.5% to above $100 a barrel today, extending their rise to 65% for the year.