FX.co ★ Wheat Rises as Black Sea Supply Risks Mount

Wheat prices climbed to about $6.62 per bushel in mid-October, rebounding from a two-month low reached on October 16, as renewed tensions between Ukraine and Russia intensified concerns over global supply. Over the weekend, Ukraine launched more than 1,000 drones at Russian targets, igniting an oil terminal in St. Petersburg after the United States resumed intelligence sharing with Kyiv. In response, Russia struck Ukraine’s energy infrastructure, including oil and gas facilities, conducting at least 76 attacks within a 24-hour period. The escalation has revived uncertainty over the short-term outlook for wheat shipments via the Black Sea and raised fears of potential supply disruptions. Ukrainian President Volodymyr Zelenskyy noted that Kyiv is in talks with Turkey, Egypt, and India to establish a Black Sea grain export corridor, though Russia currently opposes the plan.