“Wheat is finding at least a bit of support again this morning on more action in the Black Sea,” Matt Zeller, senior market analyst at StoneX Financial Inc, said in a note.
Wheat futures climbed after a vessel preparing to load grain from Ukraine hit a mine in the Black Sea, further raising fears of an escalation in the region.
Chicago prices rose as much as 2.13% after the incident. The explosion comes as attacks on ships transiting the Red Sea have snarled trade in the region, sending half of the container ship fleet that regularly uses the sea and the Suez Canal on much longer routes.
