CBOT Wheat Futures Surge on Fears of Russia-Ukraine Export Disruption

Chicago Board of Trade wheat futures rose on Monday as fears intensified that fighting between Russia and Ukraine would disrupt Black Sea exports. The conflict has already impacted Ukrainian wheat shipments, with Russian wheat exports also suffering.

The wheat market found support from a technical bounce and weather worries, including drought patterns in Europe, the US, and Australia.

US Department of Agriculture data showed private sales of 488,000 metric tons of US soybeans to China for shipment in the 2026/27 marketing year. Additional sales were also confirmed for unknown destinations.

Wheat traders were focused on reports that Russia is increasing protection of ships in the Azov-Black Sea basin and developing alternative cargo routes.