Wheat Prices Surge to Highest Since December 2022 on Black Sea Tensions, El Niño

Wheat futures reached their highest level since December 2022, closing at $7.75 per bushel on August 31st. The agricultural commodity experienced a 19 percent gain in August, contributing to a 53 percent year-to-date increase. The Russia-Ukraine war and El Niño concerns are cited as primary drivers for the surge in wheat prices.

• 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.