Wheat Futures Soar as Russia-Ukraine Tensions Escalate

Escalating tensions between Russia and Ukraine have sent wheat futures soaring to their daily limit in Chicago on Wednesday, as concerns over grain exports from the Black Sea region mount.

The most actively traded wheat contract rose 45 cents to $7.48-1/4 per bushel, while corn contracts also hit life-of-contract highs due to spillover support from wheat futures and poor yield expectations for the U.S. corn crop.

Russia's potential increase in ballistic missile strikes on Kyiv has cast doubt over flows of Ukrainian corn and particularly Russian wheat from the Black Sea ports.

The U.S. Treasury Department's new sanctions on 60 individuals, entities, and vessels trading with Iran did not include any Chinese financial institutions, which could continue to purchase U.S. soybeans.