Lates News

After weekend mutual attacks between Russia and Ukraine, the prospect of these two major wheat producers restarting exports has become increasingly remote, driving wheat prices higher. On Monday, the benchmark Chicago wheat futures contract rose as much as 0.8% at one point; the contract had fallen last week to its lowest intraday level since August. Previously, signs that Russia might be exporting through Baltic ports, along with reports that major exporters including Australia are expected to see bumper harvests in the coming weeks, had temporarily eased market concerns about supply. However, renewed tensions between Russia and Ukraine have cast a shadow over the outlook for wheat exports through the Black Sea and signal that global supply may tighten, prompting buyers to rush to find alternative sources.