Grain Markets Surge on Disruptions to Black Sea Exports

Grain markets surged on Wednesday, August 19, with wheat, corn, and soybean futures closing significantly higher in Chicago. September SRW wheat rose by 2.37% to $249.94 per ton, while September corn gained 2.11% to reach $186.22 per ton. November soybeans also increased, rising by 1.69% to $454.60 per ton.

The rally was driven in part by disruptions to Black Sea exports, which have reduced grain availability from the region at a time when seasonal shipments would normally be accelerating. Russia's August wheat exports were estimated to be cut to 1.8 million tons, a level that is 2.5 times lower than last year and potentially the lowest August volume since 2010.

The impact was felt in other markets as well, with Kansas City HRW wheat rising to $279.98 per ton and Minneapolis spring wheat reaching $255 per ton. The combination of growing risks to Black Sea supplies and weaker US crop assessments provided renewed support to major grain and oilseed markets.