Wheat prices rise to 5-month highs
Wheat futures traded on the Chicago Stock Exchange rose 2% to a five-month high as Russia’s escalating attacks on Ukraine’s ports and grain infrastructure raised concerns about global supply and long-term food security.
Corn prices rose while soybeans fell.
UN CALLS AGAIN AGREEMENT
Russia, which has stepped up its airstrikes against Ukraine after withdrawing from the Black Sea grain deal, yesterday targeted a vital export route for Ukraine and carried out a drone strike on wheat warehouses on the Danube river.
United Nations (UN) Secretary General Antonio Guterres urged Russia to return to the Black Sea grains deal, warning of the impact this would have on “poor countries who are having a hard time feeding their people.”
THE HIGHEST LEVEL IN WHEAT SINCE FEBRUARY 21
Wheat futures contracts, which have the highest trading volume on the Chicago Stock Exchange, rose 2 percent to $7.72/bushel, or $283.7/ton, after hitting the highest level since February 21 at $7.77/bushel.
Egypt rose 0.1 percent to $5.69/bushel, or $224/tonne.
Soybeans, on the other hand, declined 0.1 percent to $14.23/bushel, or $522.9/ton. (Reuters)