Chicago Board of Trade wheat prices soared 8% overnight, after Ukrainian ports were hit by Russian missiles and Russia’s Ministry of Defence warned that all vessels travelling to Ukraine’s Black Sea ports will be regarded as potential carriers of military cargo. This was the highest trading wheat since a spike this year. Rabobank senior grains analyst Dennis Voznesenski says wheat is trading at $NZ 423/tonne and the rise in overseas wheat prices will likely impact on local New Zealand wheat import prices. Mr Voznesenski says there are hopes that third party countries will escort and guarantee the safety of Ukrainian grain vessels moving through the Black Sea but so far NATO countries are resisting any risk of an escalation of the conflict.
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