U.S. wheat prices climb over Black Sea tensions
American wheat prices saw a slight increase on the Chicago Exchange due to rising concerns over the repercussions of disruptions in grain exports through the Black Sea, caused by Russian and Ukrainian attacks on ships and port infrastructure in the region. The wheat contract rose by 0.3%, reaching $6.645 per bushel, while soybean prices declined by 1% to $12.0775, and corn fell by 0.5% to $4.78. Additional attacks and shipping restrictions have heightened the risks to grain supplies, especially after some Russian grain terminals were damaged, despite a relatively calm security situation, although worries about long-term disruptions remain. The U.S. Department of Agriculture also reported a downward revision in the ratings of the country's corn and soybean crops. Meanwhile, Chinese company Sinograin is expected to auction around 500,000 tons of soybeans—the largest such auction since January—to bolster storage in preparation for new shipments of American grains. Brazilian group AbioPV forecasts that Brazil's soybean exports will reach a record 115.4 million tons in 2026, representing a 1.1% increase in their previous estimates.
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