Global wheat prices surge after Russian attack on grain ship in Black Sea

Wheat futures have jumped to their highest level in two months.

Source: Bloomberg

Details: December wheat futures rose by 2.2% after Ukraine reported that a Russian missile hit a grain ship in the Black Sea as soon as the ship left Ukrainian territorial waters.

Wheat futures on the Chicago Mercantile Exchange have risen to US$5.9175 per bushel, the highest since July 2024.

Today's attack on the grain ship comes amid low wheat harvests in major producing countries and an expected reduction in exports.

Background:

• Russia attacked a civilian cargo ship in the Black Sea that was carrying wheat bound for Egypt on Thursday, 12 September.
• Ukraine exported goods worth more than US$3.2 billion in August, up 6.4% from July and 17.5% from August 2023.
• France, the largest producer in the European Union, is expected to have the worst wheat harvest in more than 40 years.

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