FX.co ★ Wheat Rises as Black Sea Supply Risks Mount

Wheat climbed to about $6.90 per bushel in early October, extending its rebound from the more than one-year low hit on September 30. The gains came as renewed fears of an escalation in the Russia–Ukraine war heightened concerns over further disruptions to global grain flows through the Black Sea.

Over the weekend, the Russian government, in a statement distributed by the Defense Ministry, said its military would step up strikes on Ukrainian infrastructure. In response, President Volodymyr Zelenskyy stated that Ukrainian forces would continue to target Russian energy assets, particularly oil refineries.

Wheat exports from the Black Sea region—one of the world’s most important grain-trading corridors—have already been severely restricted since July. Any additional escalation risks further disrupting shipments and complicating Turkey’s efforts to keep this critical trade route open.