Economy

Wheat Reaches Highest Level After Cargill's Announcement to Halt Russian Grain Exports

Wheat Reaches Highest Level After Cargill's Announcement to Halt Russian Grain Exports

Futures contracts for wheat on the Chicago trading board rose to a four-week high on Wednesday after grain trading company Cargill announced it would stop exporting Russian grains through its facility in the world's largest wheat-exporting country. The most actively traded wheat contracts on the Chicago Board of Trade increased by 1.25 percent to $7.08 and a quarter cent per bushel by 1517 GMT after reaching $7.24 in earlier trading, a price not seen since February 27. Corn rose by 0.46 percent to $6.50 and a quarter cent per bushel, while soybeans increased by 0.53 percent to $14.75 and a half cent per bushel. The rise in wheat, which had recorded losses in early overnight trading, followed the Russian Ministry of Agriculture's announcement that Cargill had informed them it would stop exporting Russian grains starting July 1, although its shipping unit would continue transporting grains from Russian ports. Bloomberg News reported that global grain trading company Viterra also intends to cease trading in grains in Russia.

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