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Commodity markets surge as wheat, cocoa, and copper hit key levels
Global commodity markets are experiencing significant volatility across agricultural and industrial sectors. Wheat prices have surged to their highest levels since June 2023, driven by escalating tensions in the Black Sea region. Reports indicate Russia may intensify attacks on Ukrainian critical infrastructure, threatening grain export routes that handle nearly a third of global wheat trade.
In the United States, corn futures remain strong above 5 USD per bushel due to tightening domestic supply and lower-than-expected yield forecasts. Soybean prices have also climbed to their highest levels since May 2024, bolstered by significant purchasing demand from China.
Other commodities are seeing record or sharp movements. Cocoa prices rose by nearly 7% in a single day, reaching a six-month high, fueled by supply concerns in West Africa and signs of recovering demand from the chocolate industry. Meanwhile, copper prices hit record highs in the US, reaching approximately 6.78 USD per pound, as global supply remains tight due to geopolitical tensions and production disruptions in regions like Chile and Indonesia.
Entities
Barry Callebaut AG · COMEX · ICE · KGHM · LME · S&P Global · USDA
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] Copper contracts in the US reached a record 6.7775 USD per pound on August 26 polityka.co.pl
- [DISPUTED] US corn futures maintained a position above 5 USD per bushel doanhnghiephoinhap.vn
- [○ 1 SOURCE] Soybean futures rose to approximately 12.5 USD per bushel doanhnghiephoinhap.vn
- [○ 1 SOURCE] Wheat prices reached their highest level since June 2023 doanhnghiephoinhap.vn
- [○ 1 SOURCE] Cocoa futures on the ICE New York exchange closed up 6.66% at 6,456 USD per metric ton forexclub.pl
- [○ 1 SOURCE] Pro Farmer survey estimates US corn yield at 173.2 bushels per acre doanhnghiephoinhap.vn