Wheat Prices Surge as Black Sea Supply Concerns Intensify
The global wheat market is on track for its fourth consecutive weekly gain due to supply concerns in the Black Sea region. The price of Chicago wheat rose, trading near a two-year high, while corn and soybeans also gained ground.
The attacks on grain ships and port infrastructure in Russia and Ukraine have raised concerns about global supplies. Volodymyr Zelenskiy, the Ukrainian president, said that Russia would intensify its attacks on ships in the Black Sea, accusing Moscow of plans to undermine Ukraine's grain pipeline.
Agricultural Minister from Ukraine stated that shipowners temporarily halted vessel arrivals in Ukraine's Black Sea port for agricultural exports following a recent increase in Russian attacks on ports and merchant ships. The price of most active wheat contract on Chicago Board of Trade was up 0.3% to $6.98-1/2 per bushel as of 0221 GMT.
The soybean market also rose, with prices trading at their highest level since May 2024, while corn increased by 0.2% to $4.88-1/4 a bushel after reaching its highest level since April last year.