Wheat rises to over 3-week high on Black Sea disruptions
Wheat climbs to around $6.80 per bushel, moving toward the two-year high of $7.08 reached on July 22, as renewed concerns over Black Sea export disruptions support the market.
Wheat climbed to around $6.80 per bushel, moving toward the two-year high of $7.08 reached on July 22, as renewed concerns over Black Sea export disruptions supported the market.
Continued Russian and Ukrainian attacks on shipping severely disrupted regional grain flows, with Ukraine’s agricultural exports falling sharply during the first half of August.
Traders are increasingly concerned that prolonged restrictions on Black Sea ports could significantly reduce Ukrainian wheat shipments during the 2026/27 season.
Ukraine’s wheat exports could fall to between 5 million and 10 million metric tons if attacks continue to restrict access to key ports.
Wheat has also benefited from firmer soybean and corn prices, while ongoing geopolitical tensions are keeping global supply risks in focus.
Although some traders have recently taken profits following the earlier rally, the disruption to Black Sea exports continues to provide an important floor for prices.