Black Sea Disruptions Send US Wheat Prices Higher

Disruptions to Black Sea grain exports have pushed US wheat prices higher on concerns about supplies. Russia and Ukraine's continued attacks on vessels and port infrastructure in the region are causing worry among market participants.

A French trader noted that ports remain severely disrupted, but markets seem to believe this situation won't last, keeping a 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. Soybeans lost 1% to $12.07-3/4 a bushel, while corn fell 0.5% at $4.78 a bushel.