Wheat Rises as Black Sea Supply Risks Mount
Wheat rose to around $6.62 per bushel in mid-October, rebounding from a two-month low hit on October 16 as renewed Ukraine-Russia tensions heightened concerns over global supplies. Over the weekend, Ukraine deployed more than 1,000 drones against Russian targets, setting an oil terminal ablaze in St. Petersburg following the US resumption of intelligence sharing with Kyiv. Russia responded with strikes on Ukraine’s energy sector, including oil and gas facilities, carrying out at least 76 attacks over the past 24 hours. The escalation has cast fresh doubt on the near-term prospects for wheat shipments through the Black Sea, raising concerns about potential supply disruptions. Ukrainian President Volodymyr Zelenskyy said Kyiv was in talks with Turkey, Egypt and India about establishing a Black Sea grain export corridor, although Russia currently opposes the proposal.
Wheat rose to around $6.62 per bushel in mid-October, rebounding from a two-month low hit on October 16 as renewed Ukraine-Russia tensions heightened concerns over global supplies. Over the weekend, Ukraine deployed more than 1,000 drones against Russian targets, setting an oil terminal ablaze in St. Petersburg following the US resumption of intelligence sharing with Kyiv. Russia responded with strikes on Ukraine’s energy sector, including oil and gas facilities, carrying out at least 76 attacks over the past 24 hours.
The escalation has cast fresh doubt on the near-term prospects for wheat shipments through the Black Sea, raising concerns about potential supply disruptions. Ukrainian President Volodymyr Zelenskyy said Kyiv was in talks with Turkey, Egypt and India about establishing a Black Sea grain export corridor, although Russia currently opposes the proposal.