Wheat prices have risen to a two-week high following attacks on ports
Global wheat prices extended gains amid growing concerns over supplies from the Black Sea region following new attacks on port infrastructure in Ukraine and Russia. Chicago wheat futures climbed to their highest level since July 30, while Paris wheat futures also advanced, Bloomberg reported.
Prices received additional support after a drone attack on the Russian port of Novorossiysk caused significant damage to several terminals and halted shipments. Russia subsequently struck Ukrainian ports along the Danube River, further increasing risks to grain exports from the region.
Ukraine and Russia together account for more than a quarter of global wheat exports, meaning prolonged disruptions to Black Sea shipments could have a significant impact on international trade. Major importers in the Middle East and North Africa are particularly exposed to further escalation, although recent domestic harvests have so far reduced the urgency of purchases.
According to Kpler analyst Ishan Bhanu, importers have not reacted with panic and purchasing activity has even eased somewhat. However, if Black Sea export disruptions persist, buyers could begin strategic purchasing and redirect part of their demand primarily toward European wheat.
As of 8 a.m. Chicago time, CBOT wheat was up 0.2% at $6.71 per bushel after gaining as much as 1% during the session. Paris wheat futures rose 0.4% to around €234/t. Meanwhile, Chicago corn fell 0.8%, while soybeans declined 0.3%.
Read also
USDA cuts Ukraine’s wheat and corn export forecasts by 3 mln tons
The port of Constanta expands sunflower oil shipments: new opportunities for regio...
Jordan makes no wheat purchase in 120 thsd ton tender
Malaysian palm oil prices edge higher despite record inventories
Colombia boosts dairy exports while beef shipments fall 42%
Write to us
Our manager will contact you soon