Black Sea Disruptions Send Chicago Wheat Prices Higher

Chicago wheat futures rose by 0.3% to $6.64-1/2 a bushel on Wednesday due to renewed disruptions in Black Sea grain exports, heightening global supply concerns.

The U.S. Department of Agriculture reported that the percentage of the U.S. corn crop rated good-to-excellent dropped to 63% from 67%, while soybean ratings fell to 63% from 66%. Both readings were below analysts' estimates.

China's Sinograin announced a large auction of imported soybeans on Friday, which could help alleviate storage capacity issues ahead of new U.S. soybean arrivals.