Wheat Prices Surge to Highest Since December 2022 on Black Sea Tensions, El Niño
Wheat prices posted a 19 percent gain in August.
TL;DR
- Wheat futures reached their highest point since December 2022.
- Wheat prices gained 19 percent in August and 53 percent year-to-date.
- The Russia-Ukraine war and El Niño worries are driving the wheat rally.
- Both Russia and Ukraine have targeted each other's grain terminals in the Black Sea.