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Wheat in the US rose to a maximum since mid-February

Wheat prices have risen due to concerns over reduced supplies from the Black Sea region. Chicago futures increased by 2.6% to $7.7725 per bushel. Russia and Ukraine account for 30% of global wheat exports. Drought in the United States has worsened crop forecasts.

25 July 2023

Wheat rose in price to a maximum since mid-February due to fears of a reduction in supplies from the Black Sea region. Chicago wheat futures rose about 2.6% to $7.7725 a bushel.

Wheat has been rising in price lately against the backdrop of Russia's withdrawal from the grain deal. The rise in prices intensified on reports of attacks on objects in the Odessa region, writes the Financial Times.

Russia and Ukraine account for about 30% of global wheat supplies.

At the same time, dry weather in a number of key US agricultural regions led to a deterioration in the forecasts for the grain harvest in the country, Trading Economics notes.

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Wheat in the US rose to a maximum since mid-February

Wheat prices have risen due to concerns over reduced supplies from the Black Sea region. Chicago futures increased by 2.6% to $7.7725 per bushel. Russia and Ukraine account for 30% of global wheat exports. Drought in the United States has worsened crop forecasts.

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