CBOT Wheat Futures Surge 5.1% to Two-Month High on Russia-Ukraine Escalation

According to Ukrainian officials, CBOT soft red winter wheat futures closed sharply higher on Wednesday, July 16, with the benchmark contract up 5.1% to hit its highest level in two months. The surge reflects escalating Russia-Ukraine conflict, particularly Ukraine's intensified drone strikes on Russian vessels in the Azov Sea. Ukraine claimed over 100 Russian ships were attacked in the past nine days, disrupting Moscow's ability to transport commodities including wheat. Consulting firm StoneX noted that Black Sea grain export routes face potential retaliation, raising global concerns over wheat supply from the region.
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