Hot Commodities: Wheat Futures Soar After Russias Exit From Ukraine Grain Export Deal

31 Oct 2022 , 12:38 PM

Global Wheat futures soared today as Russias exit from a deal allowing Ukraine crops to move from the Black Sea to various importing nations boosted the markets. The move by Russia is likely to cap the supplies of wheat and other grains in near term and is expected to put upward pressure on prices. The commodity currently quotes at $8.79 per bushel, up 6% on the day. Recently, the commodity has also been supported by concerns regarding dry conditions in Argentina and the USA, as well as a fast pace of exports from the European Union on top of the blocs higher internal demand for wheat amid tighter maize supplies, provided further support to wheat prices.Powered by Commodity Insights