Chicago wheat rose more than 2 percent on Monday, extending gains from the previous session amid global supply concerns spurred by an escalation of tensions in the Black Sea after last week’s Ukrainian drone attack near a Russian export hub.
Expectations of demand from India also underpinned wheat prices as the country considers cutting or abolishing tariffs on the grain.
The most-active wheat contract on the Chicago Board of Trade (CBOT) was up 2.1 percent at $6.46-1/2 a bushel, after initially rising to $6.54-1/2 a bushel, its highest since Aug. 2.
Russia has military and technical capabilities to eliminate threats to security in the Black Sea, the TASS news agency quoted Russian deputy foreign minister Sergei Ryabkov as saying on Sunday.
Ryabkov spoke days after Ukrainian sea drones attacked a Russian warship near the Russian port of Novorossiysk and a Russian tanker near Crimea. – Reuters
