The destruction of Kakhovka dam and hydroelectric power station, which sits on the Dnieper River in an area that Moscow controls, raised anxiety about a potential disruption to global supplies.
“Ukraine has historically been one of the major exporters in the world wheat market,” Joe Janzen, assistant professor at University of Illinois Urbana-Champaign’s College of Agricultural, Consumer and Environmental Sciences, told The Associated Press, also pointing to the country’s historic corn production. “Anytime there’s news out of that part of the world, the market is sensitive to that.”
Andrey Sizov, managing director of Black Sea agricultural markets research firm SovEcon, said the dam’s collapse looked “like a big escalation with dire consequences and huge headline risk.”The wheat futures rally overnight and early Tuesday lost steam as the day progressed. As of around 1 p.m. ET, for example, the price of wheat was down to $6.28 a bushel.
Citi commodities analysts called Tuesday’s incident “a reminder of lingering inflationary risk in the goods market.”
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