Wheat Rises as Black Sea Supply Risks Mount
Wheat rose to around $6.62 per bushel in mid-October, rebounding from a two-month low hit on October 16 as renewed Ukraine-Russia tensions heightened concerns over global supplies. Over the weekend, Ukraine deployed more than 1,000 drones against Russian targets, setting an oil terminal ablaze in St. Petersburg following the US resumption of intelligence sharing with ...
Wheat prices surged to approximately $6.62 per bushel in mid-October, marking a rebound from a two-month low reached on October 16. The price increase was fueled by heightened concerns over global wheat supplies, following renewed tensions between Ukraine and Russia.
On the weekend, Ukraine deployed over 1,000 drones against Russian targets, resulting in the burning of an oil terminal in St. Petersburg. This action came after the US resumed intelligence sharing with Kyiv. In response, Russia carried out at least 76 attacks on Ukraine’s energy sector, including oil and gas facilities, over the past 24 hours.
The ongoing escalation has raised doubts about the near-term prospects for wheat shipments through the Black Sea, increasing concerns about potential supply disruptions. Ukrainian President Volodymyr Zelenskyy stated that Kyiv was engaged in discussions with Turkey, Egypt, and India about establishing a Black Sea grain export corridor. However, Russia remains opposed to this proposal.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
