Wheat rises near $7.65 on renewed Black Sea supply worries

Wheat rose to around $7.65 per bushel, close to its highest level since February 2023, as renewed attacks in the Black Sea region heightened concerns over grain supplies.

Turkey said it had prepared a plan to facilitate the safe movement of grain through the Black Sea and was in contact with both Russia and Ukraine.

However, Moscow rejected a proposed moratorium on attacks in the area, arguing that it would not contribute to a peaceful resolution.

Ukrainian officials said Russian strikes overnight damaged port facilities and a border crossing with Romania in the Odesa region, while further attacks were reported near Russia’s Baltic port of Ust-Luga.

The renewed hostilities have increased uncertainty around exports from both countries, with previous attacks severely disrupting shipments through Black Sea and Sea of Azov ports.

Both countries are major exporters, together accounting for more than a quarter of global wheat shipments.