Lates News

Wheat futures rose for a third consecutive session after Russia threatened to escalate the conflict in Ukraine, raising concerns that global grain shipments through the Black Sea could be further disrupted. On Monday, the most-active wheat futures in Chicago climbed as much as 1% before paring gains. Wheat futures are now on their longest winning streak in a month. The Russian government said via its Defense Ministry on Sunday that Russian forces would step up strikes on Ukrainian infrastructure. Since July, wheat supplies from the Black Sea region, one of the world's key grain trade routes, have been severely constrained. A further escalation of the conflict could hinder Turkey's efforts to protect grain shipments in the Black Sea region. CRM AgriCommodities said in a report on Friday that Turkish mediation could eventually restore grain shipments, but reaching an agreement may take months; if progress is made, the risk premium will fade, while continued supply disruptions will keep supporting wheat prices.