Black Sea Disruptions Keep Chicago Wheat Prices Elevated

Chicago wheat futures declined by 0.4% on Tuesday as fighting between Russia and Ukraine continued to disrupt Black Sea exports, but prices still held most of their gains from Monday.

The conflict has reduced shipments from both nations, which are major suppliers of wheat, with Russian export prices falling last week due to rising freight rates and insurance premiums.

Despite this, analysts expect Russia to ship more wheat in August than in July, and there is still scope for further price gains, according to Andrew Whitelaw, an analyst at consultants Episode 3 in Canberra.