US Wheat Rises on Black Sea Disruptions Amid Ongoing Attacks

Disruptions to Black Sea grain exports have pushed US wheat prices higher. The disruptions come after Russia and Ukraine continued attacks on vessels and port infrastructure in the region.

The Chicago Board of Trade's most active wheat contract rose by 0.3% to $6.64-1/2 a bushel. Soybeans lost 1% to $12.07-3/4 a bushel, while corn fell 0.5% at $4.78 a bushel.

French traders say the market believes this situation will not last, keeping geopolitical risk premium in check. Three major Russian grain terminals restricted truck deliveries, citing heightened shipping risks after recent attacks and changes to grain flows.