Wheat Prices Soar: Black Sea Tensions, US Drought Fuel Global Supply Fears

• International wheat prices are continuously rising, with Chicago wheat futures gaining for the fifth consecutive session.
• Concerns over Black Sea supply due to Russia's missile and drone attacks on Odesa's port and energy infrastructure are a primary driver.
• Drought conditions in major US wheat-producing areas and record heat in central/southern plains further strengthen prices.
• Ukraine and Russia are major grain exporters, making escalating tensions a threat to regional supply.
• Global tensions, adverse weather, and supply uncertainty are keeping wheat prices firm.

Why It Matters: Black Sea conflict and US drought are driving global wheat prices up amid supply concerns.