Wheat prices continue to rise due to Black Sea tensions and bad weather
Wheat prices rose in futures contracts on the Chicago Stock Exchange, today, Wednesday, for the fifth session in a row, recording their longest rise since last April, driven by fear that supplies through the Black Sea and bad weather would be affected.
The mutual attacks between Russiaand Ukraine have decided to return the risk premium to prices, for fear of disruption of supplies from the two countries, which are among the largest exporters of Grainsin the world.
Reports have warned that Russia, the largest exporter of wheat and a major producer of grains, may face a decline in production next year, further increasing prices.
In agricultural areas of the United States, drought is also increasing, which supports prices. According to a study conducted by a weather forecasting company "Vaisala"These conditions are expected to continue this week, which will lead to continued moisture shortages in both northern and southern regions.
The US Department of Agriculture said in a statement, yesterday, Tuesday, that the record warmth witnessed in the central and southern plains is accompanied by dry weather, which may affect Winter crops.
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