Commodities
Russia's Black Sea Attacks Send Chicago Wheat Futures Soaring to Multi-Year High
Chicago wheat futures reached a multi-year high on Tuesday after Russia rejected a moratorium on Black Sea attacks and struck port infrastructure in Ukraine overnight.
The move has left global grain supplies uncertain, with almost all grain shipments via the Black Sea ports and the Sea of Azov stopped due to attacks in recent months. These two areas account for 70% of Russian grain exports.
Analysts said that the price of a bushel hit $7.92-1/4 in early trade, the highest since February 15, 2023. The most traded wheat contract was up 13-1/2 cts to $7.87-1/4 a bushel at 10:25 CT (1525 GMT).