Wheat Prices Rise as Black Sea Disruptions Persist

US wheat prices rose on Wednesday due to ongoing disruptions in Black Sea grain exports. Russia and Ukraine's continued attacks on vessels and port infrastructure have caused concerns about supplies, despite the fact that ports remain severely disrupted.

A French trader said 'the markets appear to believe that this situation will not last, which is keeping the geopolitical risk premium in check.'

The most active wheat contract on the Chicago Board of Trade (CBOT) increased by 0.3% to $6.64-1/2 a bushel.

Russian grain terminals restricted truck deliveries due to heightened shipping risks, and a missile strike hit the Russian port city of Taganrog, a major grain-export hub on the Sea of Azov.