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Wheat prices climbed more than 3% to above $6.80 per bushel, approaching the two-year high of over $7 reached on July 22, as intensifying hostilities between Russia and Ukraine heightened concerns over grain exports from two of the world’s largest wheat producers. The conflict has increasingly disrupted shipping activity in the Black Sea, prompting consultancy SovEcon to lower its Russian wheat export forecast for the current marketing season by around 4%. Russian authorities are also considering equipping grain vessels with machine guns and mobile missile systems to defend against Ukrainian drone strikes. Meanwhile, Ukraine continues to face Russian attacks on ships, ports, and other Black Sea infrastructure, with local farm groups warning of widespread bankruptcies if maritime exports remain suspended. These disruptions coincide with the regional harvest, threatening peak-season shipments and encouraging importers to source wheat elsewhere.
