Wheat Futures Soar as Ukraine-Russia Conflict Escalates

Wheat futures surged overnight as tensions in the Ukraine-Russia conflict escalate. The Black Sea region, a key area for grain exports, has been severely impacted by drone attacks from Ukraine on Russian vessels and port infrastructure.

The disruption to shipping has led to reduced supplies from Russia and Ukraine, two of the world's largest wheat exporters. According to data from the US Ag Department, Russia is the largest exporter of wheat, followed closely by Ukraine.

Prices for September delivery of wheat futures jumped 21.5 cents to $6.82.25 per bushel, while Kansas City futures surged 22.75 cents to $7.48.25 per bushel.