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Wheat prices reach one-month high amid Black Sea issues
Global wheat prices have risen significantly due to escalating tensions in the Black Sea, which is a major corridor for grain exports. Futures contracts for American wheat increased by 2.5%, reaching their highest level since the end of July. Winter wheat prices also climbed by 2.7% to $7.5050 per bushel. Attacks on infrastructure and ships in the region have heightened concerns about the stability of supplies and the potential halt of navigation, following a decision by Turkey. Additionally, Ukraine's exports could be reduced by more than half in the upcoming season due to infrastructure damage, affecting food supplies for approximately 400 million people worldwide and intensifying pressure on global markets. Corn and soybean prices also saw a 0.6% increase, with expectations of continued price support for agricultural commodities.
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