Russia-Ukraine Conflict Sparks Wheat Price Spike on CBOT

Global wheat prices surged on Thursday as concerns over Russia's potential escalation of strikes in Ukraine fueled uncertainty over grain availability. The Chicago Board of Trade (CBOT) saw its most-traded wheat contract gain 1.7% to $761-1/2 a bushel at 0203 GMT, hitting its daily limit and setting fresh multi-year highs.

The tensions between Russia and Ukraine have disrupted grain shipments from the Black Sea region, which accounts for 70% of all Russian grain exports. Repair work on one of three grain terminals at Novorossiysk, Russia's main Black Sea export port, could take up to four months following a Ukrainian attack.

Russian wheat export prices have fallen in recent days, but analysts say these prices are largely symbolic due to the halt in shipments from southern ports. In contrast, corn and soybeans on the CBOT fell 0.3% and 0.5%, respectively.