Wheat prices move higher amid escalation of geopolitical tensions in the Middle East
The wheat market saw strong buying interest, which pushed prices in Odesa ports up by $2/mt to $215–222/mt CPT for both milling and feed wheat. The spread between feed and milling wheat remains narrow at $5–7/mt, broadly in line with last year’s levels.
The global wheat market received support from the escalation of geopolitical tensions in the Middle East, which increased investor interest in commodity markets. However, in Ukraine, the upside in prices remains limited due to sizeable domestic wheat stocks.
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