Wheat Prices Surge as Peace Talks Fall Apart
Peace talks around the Black Sea have fallen apart, leading to a surge in wheat prices. The conflict has caused uncertainty and volatility in global markets. Wheat led strength overnight, with winter wheat up 11-14 cents and HRS up 6-8 cents.
The escalation of hostilities in the region bordering Yemen is deepening concerns about energy supply disruptions. Saudi Arabia's energy facilities were targeted by Iran-backed Houthi militants, causing fires at the facilities and wounding several people. Brent crude prices have risen closer to $100 a barrel as a result.
President Vladimir Putin remains committed to continuing Russia's war in Ukraine. He believes Russia's army can achieve control of all of Ukraine's eastern Donetsk region within six months.