Wheat Rebounds from 2-Month Low
Wheat rose above $6.75 a bushel, rebounding from an over two-month low of $6.69 on October 13 as traders assessed escalating security risks around Black Sea shipping. Concerns intensified after Russian drones reportedly struck two chemical tankers in Romanian territorial waters, raising fears of further disruption to a key grain-export corridor. Geopolitical tensions also deepened as Ukrainian President Volodymyr Zelenskyy ended a three-day pause on attacks against Russian oil refineries, citing continued Russian strikes on Ukrainian energy infrastructure and uncertainty over US support. The decision followed growing friction with President Donald Trump over Washington’s proposed easing of restrictions on Russian diesel sales and reported limitations on Ukraine’s use of Starshield satellite services. However, increased Russian wheat shipments through alternative Baltic routes have helped ease some supply concerns.
Wheat rose above $6.75 a bushel, rebounding from an over two-month low of $6.69 on October 13 as traders assessed escalating security risks around Black Sea shipping. Concerns intensified after Russian drones reportedly struck two chemical tankers in Romanian territorial waters, raising fears of further disruption to a key grain-export corridor. Geopolitical tensions also deepened as Ukrainian President Volodymyr Zelenskyy ended a three-day pause on attacks against Russian oil refineries, citing continued Russian strikes on Ukrainian energy infrastructure and uncertainty over US support.
The decision followed growing friction with President Donald Trump over Washington’s proposed easing of restrictions on Russian diesel sales and reported limitations on Ukraine’s use of Starshield satellite services. However, increased Russian wheat shipments through alternative Baltic routes have helped ease some supply concerns.