Wheat Futures Climb Over 1%

Wheat futures rose more than 1% to around $6.70 per bushel in late July, recovering further from sharp losses on July 27 as escalating risks to Black Sea grain shipments stoked concerns over tightening global supplies. Concerns over Black Sea grain exports worsened after three major Russian grain terminals reportedly limited truck deliveries, citing heightened security risks and logistical disruptions linked to recent attacks in the Sea of Azov. Further raising fears of supply disruptions, a missile strike hit the Russian port city of Taganrog, a key grain-export hub on the Sea of Azov. The latest developments came as Russia and Ukraine continued targeting vessels and port facilities, raising concerns about the security of one of the world’s most critical grain-export corridors and heightening fears of disruptions to global shipments. Meanwhile, investors watched reports that Ukraine was seeking to maintain vessel traffic through its major export ports, despite official denials.

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