Black Sea Disruptions Weigh on Wheat Futures
Wheat futures on the Chicago Board of Trade (CBOT) traded lower on Tuesday due to ongoing disruptions in Black Sea grain shipments. The region has seen weeks of attacks on shipping routes by Russia and Ukraine, reducing exports from the area, including at Novorossiysk, Russia's primary grain export terminal.
Jordan's state grain buyer purchased 60,000 metric tons of wheat through an international tender that sought up to 120,000 tons. This purchase was made despite the challenges facing Black Sea grain exports.
The disruptions have also impacted Germany's wheat harvest, with DBV reporting a projected decline of 7% for the 2026 winter wheat crop. The country's wheat production is expected to fall to 20.9 million tons due to an unusually dry spring and a record heatwave in June that damaged crops.
The CBOT September soft red winter wheat traded flat at $6.74-3/4 per bushel, while Minneapolis September spring wheat rose by 4-1/2 cents to $6.79-1/2 per bushel.