Wheat Soars With Trade From Crucial Black Sea Region Paused
- Chicago wheat and corn futures jumped by exchange limit
- Ukraine crisis is hitting supplies out of Black Sea ports
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Wheat jumped the most since 2010 in Chicago, capping the biggest monthly gain in six years as Russia’s invasion of Ukraine chokes supplies from a major breadbasket and sends shock waves through crop markets.
Activity at Ukrainian ports has been halted since Russia invaded its neighbor last week, and grains trade from Russia is also effectively on pause. Sanctions have been ratcheted up to further isolate commodity-rich Russia from global finance by sanctioning its central bank and cutting off various leaders from the critical SWIFT financial messaging system.