Wheat spikes to a three-year high as Black Sea supply fears grip the market
Chicago wheat jumped 2.6% to its strongest level since July 2023, adding to a 19% monthly surge, as Russia signals it will escalate attacks on Ukrainian infrastructure after peace talks stalled. Russia and Ukraine ship more than a quarter of the world's wheat, and Ukraine's exports are already tracking more than 50% below earlier estimates. Importers from the Middle East to Asia are scrambling for pricier grain from Australia and Argentina. The rally only breaks if Black Sea shipping access improves, traders warn, so expect food inflation to keep biting.