Russia-Ukraine Conflict Sends Wheat Futures Soaring

The tension between Russia and Ukraine has taken its toll on global grain markets, as the conflict hampers Black Sea grain movement. Wheat futures in the United States surged higher on Friday due to heightened concerns over the situation.

Russia's rejection of a Ukrainian ceasefire proposal and Ukraine's military strikes on Russian gas condensate processing facilities have added fuel to the fire. While no damage was reported to grain facilities, the market has become increasingly jittery.

Corn futures also rose, thanks in part to spillover support from wheat's gains. The U.S. Department of Agriculture's supply/demand estimates released earlier in the week remain a focus for traders, with cuts to U.S. corn yields and ending stocks projections providing support.