Black Sea Conflict Lifts Chicago Wheat Futures

Chicago wheat futures edged higher on Thursday as fighting between Russia and Ukraine disrupted Black Sea exports. The conflict has led to attacks on ships, ports, and export terminals, making it difficult for Ukraine to ship grain.

Rabobank analyst Vitor Pistoia noted that while the disruption would contribute to price stability, it doesn't indicate a structurally bullish scenario due to lack of production shortfall. Wheat prices are still up over 25% this year, despite dipping from a two-year high above $7 per bushel.

Corn and soybeans also rose slightly after falling in the previous two sessions, as rainfall in the US Midwest is expected to boost crop yields. The most-traded wheat contract on the Chicago Board of Trade (CBOT) was up 0.2% at $6.43-1/2 a bushel.