61 Days
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الاقتصادية
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Wheat Prices Near Two-Month High Amid Renewed Russia-Ukraine Fighting
The futures contracts for wheat remain high, after jumping 5% yesterday, due to escalating tensions between Russia and Ukraine in the Black Sea, which is a vital passage for grain exports. The Ukrainian army has targeted Russian ships and hit ports such as Odessa and Pivdenney, amid increasing Moscow attacks on Ukrainian ports. This has caused Kyiv to lose about a third of its grain export capacity via the Black Sea. This escalation is impacting the global grain market, with markets moving to reduce export revenues, although the market reaction is expected to be relatively limited due to previously tight conditions. Wheat prices have risen to levels close to their highest in two months.
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