Wheat Prices Soar as Moscow Escalates Black Sea Tensions

Chicago wheat futures surged to a three-and-a-half-year high on Tuesday after reports emerged that Moscow had rejected a moratorium on attacks in the Black Sea and struck port infrastructure in the region overnight.

The most-traded wheat contract on the Chicago Board of Trade climbed 13-1/2 cents to $7.87-1/4 per bushel by 10:25 a.m. CT, reaching its highest level since February 15, 2023, when it briefly touched $7.92-1/4 a bushel.

The escalation of tensions in the region follows reports that Russia attacked Ukraine's port infrastructure and a border crossing with Romania in the southern Black Sea region of Odessa overnight, according to Ukrainian officials.