Wheat Climbs to Four-Month High as Traders Assess Russia Risks
- Chicago futures set for 29% monthly gain, biggest since 2015
- Grain prices may rise if Ukraine grain deal not extended: SEB
This article is for subscribers only.
Wheat climbed to a fresh four-month high after the armed uprising in top exporter Russia added uncertainty over the outlook for grain shipments from the Black Sea breadbasket.
Russia is expected to be the world’s biggest wheat exporter this season and next, and any shift in its shipments would have a significant impact on global flows. There doesn’t appear to be immediate disruptions to its wheat trade, although the shipping industry will be assessing the safety of operations in the region, said Carlos Mera, head of agricultural commodities market research at Rabobank.