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2026-07-16 11:58:12
[Black Sea Conflict Threatens Export Routes, Wheat Futures Surge and Remain High] (1) Ukraine and Russia launched attacks on each other in the Black Sea region, threatening key export routes for both sides. Wheat futures surged 5% on Wednesday and remained high. (2) The most active wheat contract in the Chicago market fluctuated narrowly on Thursday, after rising to its highest level in nearly two months. Ukraine attacked more than 100 Russian ships in the Sea of Azov and the Black Sea, while Russia escalated its attacks on cargo ships in the Ukrainian ports of Chormorsk, Odessa and Pivdennyi. (3) The Black Sea is crucial to trade between Russia and Ukraine, and Russia is the world's largest wheat exporter. The continued turmoil has raised concerns about supply.
