Wheat Prices Surge Amid Ukraine Conflict Escalation Fears

The price of wheat continued to rise on Thursday following news that Russian President Vladimir Putin is considering escalating the war in Ukraine, which would restrict the movement of grain vessels in the Black Sea.

According to a Reuters report, up to 70 vessels are waiting for access to Ukrainian ports to unload grain due to a shortage of pilots and priority given to other cargoes. This has led to lengthy delays at the Sulina Canal near the Danube River.

The United States Department of Agriculture reported new crop wheat exports for the week ended August 20 at 402,500 tonnes, which is in line with trade expectations.