Black Sea Disruptions Lift US Wheat Futures Amid Ongoing Attacks

US wheat futures rose on Wednesday as Black Sea grain exports faced fresh disruptions. Russia and Ukraine continued attacks on vessels and port infrastructure in the region, sparking concerns about supplies.

A French trader noted that while ports remain severely disrupted, markets appear to believe this situation will not last, keeping the geopolitical risk premium in check.

The most active wheat contract on the Chicago Board of Trade (CBOT) rose 0.3% to $6.64-1/2 a bushel at 1143 GMT. However, corn and soybeans eased, with soybeans losing 1% to $12.07-3/4 a bushel.

The disruptions were reinforced by the restriction of truck deliveries at three major Russian grain terminals due to heightened shipping risks following recent attacks and changes in grain flows after restrictions in the Sea of Azov.