Reported 4 months ago
Wheat prices surged to a 10-month high due to concerns over crops in the Black Sea region, as cold and dry weather, coupled with the Ukraine conflict, are impacting supplies. Analysts have been reducing production estimates for Russia and Ukraine, with worries also stemming from historically low rainfall in Western Australia. The rally is fueled by growers holding onto stockpiles amid uncertainty, with the USDA forecasting global wheat stockpiles to potentially reach a nine-year low in the upcoming season.
Source: YAHOO