Wheat futures rise to two-month high and stabilize after Russia-Ukraine Black Sea conflict poses threat to grain exports.

After Ukraine and Russia carried out attacks against each other in the Black Sea region, threatening key export shipping lanes, wheat futures maintained their high levels after rising 5% on Wednesday. The most actively traded wheat futures contract in the Chicago market fluctuated narrowly around unchanged on Thursday. Earlier, as tensions escalated, the contract had reached its highest level in nearly two months. Recently, the Ukrainian military attacked over 100 Russian-related ships in the Azov Sea, and also attacked multiple Russian ships in the Black Sea. At the same time, Russia further escalated its attacks on Ukrainian ports, targeting cargo ships in Chornomorsk, Odessa, and Pivdennyi. The Black Sea is crucial for trade between Russia and Ukraine, with Russia being the world's largest wheat exporter.