Israeli Strikes Stir Up Grain Markets

On Friday, the geopolitical factor interrupted the downward price trend in grain markets. Traders comment that Israeli strikes on Iran panicked commodity markets. Brent crude oil rose by nearly 9 percent, reaching its highest levels in five months - $75 per barrel. Iran's response further escalated tensions in the Middle East, and there was talk of potentially blocking ship movement through the 150-kilometer Hormuz Strait, the most important artery for the global petroleum industry and trade flows to China, India, Japan, South Korea, and Singapore. Fears of escalating local conflicts in the Middle East returned milling wheat prices on the Paris exchange (Euronext) above the psychological threshold of 200 euros per ton. On June 13, the September futures value recovered to EUR 202.75 per ton, compared to the bottom of EUR 198.00 per ton recorded on June 11 (the lowest level since April 2024). Incidentally, the most dynamic turnaround and steep price rally was observed on Friday in ...