Wheat prices rise as Russian strikes on Odesa spark supply concerns

Wheat prices climbed on Wednesday, after Russian attacks on food infrastructure in Ukraine raised concerns over the potential impact on supply from the world’s fifth-largest wheat exporter.

Chicago wheat futures rose as much as 1 per cent to a high of $5.88-3/4 per bushel, the highest level since November 16.

Russian forces on Tuesday evening hit port infrastructure in the southern city of Odesa that is critical to Ukraine’s grain exports, the regional governor said.

On Tuesday, the UN World Food Programme said that Ukraine’s wheat production might fail to keep up with both domestic and overseas demand in the coming years if Russian strikes against the country’s grain production and port facilities continue.

Tags: exports, grain, prices, wheat, futures, Odesa, port infrastructure, food infrastructure, Ukraine, Russia