Prices for agricultural products rose sharply after the Russian attack on a vessel with grain

As a result, as of September 12, world wheat prices reached session highs.

Wheat futures jumped 2.2% after Russia hit a grain ship with a missile. This is reported by Bloomberg.

Thus, grain prices on the Chicago Stock Exchange (SWOT) rose to session highs. At the same time, the increase occurred just before the monthly supply and demand report from the USDA.

Usually grain markets do not react with the same volatility to attacks on civilian shipping as they did at the beginning of the Russian Federation’s full-scale war against Ukraine.

However, this time the growth of wheat prices was supported by several factors. We are talking about the low harvest of grain in other producing countries. However, high volumes of exports from the Black Sea region and price competition limited the increase in the price of agricultural products.

So, wheat for December delivery rose to $5.9175 a bushel, the highest intraday reading since July.

The Russians hit a grain bulk carrier with a missile while it was passing through the Danube Delta. Fortunately, the damage was not critical. The ship continued its voyage in the direction of Constanta.