Posted on October, 31, 2022 at 09:41 am
The Graincorp Ltd (ASX: GNC) share price is taking off on Monday amid a spike in wheat prices.
Chicago wheat futures have lifted more than 5% today after Russia exited the Black Sea grain deal over the weekend.
And the Graincorp share price is along for the ride. The ASX agriculture company’s bottom line is closely tied to grain prices, meaning an increase in the price of wheat could boost profits.
The stock is up 7.99% right now, trading at $8.38. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) has lifted 1.07%.
Let’s take a closer look at what might be bolstering the Graincorp share price on Monday.
Source: The Motley Fool