Wheat Prices Hit Three-Year High Amid Ongoing Black Sea Conflict

The wheat complex reached three-year highs on Thursday in winter wheat exchanges. Chicago SRW contracts ended the session up 8 to 12 ½ cents, while KC HRW futures gained 10 to 13 ¼ cents.

These gains come amidst ongoing tensions surrounding the Black Sea conflict, with reports that Russia is looking to escalate its involvement.

Export Sales data showed a total of 402,531 MT of wheat sold in the week of August 20, marking a nine-week high but still down 30.57% from the same week last year. Mexico was the top buyer, followed by Japan and Vietnam.