Wheat Futures Soar to Three-Year High Amid Russia-Ukraine Conflict
Chicago wheat futures surged to a three-and-a-half-year high on Tuesday following reports that Moscow struck port infrastructure in the Black Sea region overnight. The most-traded contract on the Chicago Board of Trade reached $7.87-1/4 per bushel, marking its highest level since February 15, 2023.
The attack by Russia targeted Ukraine's export infrastructure and a border crossing with Romania, according to Ukrainian officials. Ukrainian President Volodymyr Zelenskiy stated that the strike deliberately damaged the crossing point on the border with Romania and export facilities.
The sudden increase in wheat futures comes after earlier losses due to Turkey's statement that it was in contact with Russia and Ukraine about grain shipping via the Black Sea.