Wheat Prices Soar Amid Black Sea Tensions, US Dryness; Longest Rally Since April

• Wheat prices are experiencing their longest rally since April, driven by supply uncertainties.
• Concerns over Black Sea supplies intensified after Russian attacks on Ukraine's Odesa, impacting port and energy infrastructure.
• Ukraine and Russia are major global exporters of grains and edible oils, making escalating hostilities a threat to regional supplies.
• Dryness in US growing regions, particularly the central and southern Plains, is also supporting the price surge.
• The US Department of Agriculture reported record-setting warmth and dry weather in key agricultural areas.

Why It Matters: Global wheat prices surge due to Black Sea conflict and US drought, signaling supply concerns.