Wheat futures hit three-year high amid supply constraints and Black Sea infrastructure damage

Wheat prices rose 2.4% to $7.20 per bushel, marking a 12% monthly gain driven by persistent supply disruptions in the Black Sea region. The surge follows reports of damage to a grain terminal in Novorossiysk and ongoing export volumes remaining at 50% of historical norms. It remains uncertain if the price trajectory will stabilize or continue to climb as geopolitical tensions impact global agricultural logistics.