Wheat futures jumped as much as 2.2% after Ukraine said Russia hit a grain ship with a missile.
 
President Volodymyr Zelenskiy said on Telegram a ship carrying wheat to Egypt was struck as soon as it left Ukrainian waters. Grain prices climbed to session highs as trading resumed after a morning break in Chicago, with gains coming ahead of the US Department of Agriculture’s monthly supply and demand report due midday.

With the conflict in the Black Sea into its second year, grains markets don’t typically react with the same volatility seen during the initial outbreak in 2022, when wheat surged to a record. Still, smaller wheat harvests in top exporter Russia and in producers such as France have been underpinned grain prices despite farmers boosting output since the war began.

Wheat for December delivery rose to US$5.9175 a bushel, the highest intraday since July, before paring gains.

  - Bloomberg