Wheat futures are sharply higher as Black Sea grain movement becomes increasingly restricted.
Ukrainian President Zelenskyy again proposed an opportunity for peace surrounding the Black Sea grain corridor, but continued attacks on Russian infrastructure have kept the market skeptical.
Russia’s Novorossiysk deep-water port reportedly has all three loaders offline, while Ukrainian drone attacks have also targeted Russia’s Ust-Luga port.
Current estimates suggest only around 20% of normal Black Sea wheat movement may be getting through as the region enters its important August export period.
If disruptions continue another 2–3 weeks, major wheat buyers may be forced to turn toward European, Australian and U.S. supplies, potentially improving U.S. export demand.
🌾 Wheat
September Kansas City: +30¢ at $7.50½ — had been up roughly 36¢
September Chicago: +18½¢ at $6.71¼
December Chicago: +18¢ at $6.86¼
September Minneapolis: +12¼¢ at $6.81½
December Minneapolis: +13¾¢ at $7.07½
Minneapolis gains are being tempered by spring wheat harvest pressure.
