Wheat prices surge after Russian attack on grain ship in Black Sea
Wheat futures rise to highest level since July
Wheat futures for December delivery surged by up to 2.2% after Ukraine reported a Russian missile strike on a grain carrier in the Black Sea, just moments after the vessel exited Ukrainian territorial waters, Bloomberg reported.
Wheat futures on the Chicago Board of Trade climbed to $5.9175 per bushel, the highest mark since July of this year.
The agency notes that fluctuations in grain market prices due to events in the Black Sea were common in 2022. Since then, incidents in the Black Sea have not significantly impacted global price trends.
Today's Russian attack on the grain ship comes amid low wheat yields in major producing countries and anticipated supply cuts by exporters.
