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Updated · Bloomberg · Jul 16Chicago Wheat Jumps 3.1% to 2-Year High as Black Sea Attacks Threaten Exports
3 articles · Updated · Bloomberg · Jul 16Summary
- Chicago’s most-active wheat contract climbed as much as 3.1%, reaching its highest level since late May 2024.
- Ukrainian and Russian strikes in the Black Sea raised fears over disruptions to a crucial export route used by both countries, driving the rally.
- The move extended wheat’s advance to a third straight session—the longest winning streak in a month.
- Prices are up about 7% this week, underscoring how quickly supply-risk concerns are feeding into global grain markets.
Insights
As war and drought choke global wheat supplies, how high could food prices actually climb this year? The U.S. faces its worst wheat harvest since 1970. How does this amplify the global food crisis? With Black Sea exports cut off, are we witnessing a permanent shift in global food supply chains?