Russia’s potential escalation in Ukraine sparks supply fears, driving Chicago wheat futures to their highest since 2023.
Chicago wheat futures climbed to $7.25 per bushel, the highest level since July 2023, as geopolitical tensions raised concerns over Black Sea export disruptions. Reports indicated Russia may intensify attacks on Ukraine, threatening critical grain supply routes.
Prices had already risen 12% this month on weather-related production risks in key growing regions. The Black Sea corridor, a vital export route for global wheat, has faced repeated disruptions since the war began in 2022.
Traders are monitoring developments closely, with futures volumes surging 20% above the 30-day average in early trading.