FX.co ★ Wheat Rises Toward 3-1/2-Year High

Wheat futures climbed to about $7.65 per bushel, nearing their highest level since February 2023, as renewed attacks in the Black Sea region intensified concerns about global grain supplies. Turkey announced it had prepared a plan to ensure the safe passage of grain ships through the Black Sea and was engaging with both Russia and Ukraine. Moscow, however, rejected a proposed moratorium on attacks in the area, arguing that such a measure would not advance a peaceful resolution. Ukrainian officials reported that overnight Russian strikes damaged port infrastructure and a border crossing with Romania in the Odesa region, while additional attacks were reported near Russia’s Baltic port of Ust-Luga. The escalation in hostilities has deepened uncertainty over exports from both countries, following earlier attacks that severely disrupted shipments via ports on the Black Sea and the Sea of Azov. Russia and Ukraine are both key exporters, together supplying more than a quarter of global wheat shipments.