Grains Markets Hit New Highs on Black Sea Attacks, Crude Oil Rally

PARIS, July 24 (Reuters) – Escalating attacks on Black Sea shipping and ports have sent wheat prices soaring to their highest in two years, stoking fresh concerns over food inflation as one of the world’s most important grain export routes comes under renewed threat.

Soybean prices also hit a two-year peak following a rally in crude oil prices, while corn climbed to its highest in more than a year, with traders warning that disruptions to grain flows from the Black Sea could increase costs for food producers and consumers worldwide.

The Black Sea is one of the world’s