Wheat Prices Surge on Black Sea Export Concerns

International wheat prices have continued to rise, with UK November 26 futures' markets closing at £215.75/t last week, up £10.75/t (5.2%) on the previous seven days' trading.

This price trend has been building momentum over several weeks and is being driven by a number of factors, including concerns about grain exports from the Black Sea.

Reports that Russia was considering increasing its missile strikes against Ukraine have dimmed hopes for increased grain exports from the region.

Meanwhile, buying by speculative traders has also contributed to the price rises, with nearby Chicago wheat futures reaching their highest price since February 2023.