Wheat Climbs on Black Sea Disruptions Corn Eases on US Supply

Chicago wheat prices climbed nearly 1% on Monday, bouncing back from a recent low as disruptions in Black Sea supplies continued to weigh on the market. The lack of progress in resuming exports from the region, affected by the Russia-Ukraine war, provided support to wheat prices. A Singapore-based wheat trader noted that despite hopes for a resumption of Black Sea exports, no significant movement of cargoes has occurred.

The most-active wheat contract on the Chicago Board of Trade (CBOT) rose 0.9% to $6.89 a bushel. Meanwhile, corn prices dipped 0.2% to $4.97-1/4 a bushel, pressured by large US inventories, while soybeans edged up 0.2% to $12.80-1/4 a bushel. Both corn and soybeans were trading near their lowest levels since mid-August, with soybeans not far from last week’s five-week low.

Diplomatic efforts to restore normal shipping through the Black Sea have stalled, further supporting wheat prices. Russian President Vladimir Putin rejected proposals for a truce in Black Sea attacks. Grain consultancy Sovecon lowered its forecast for Russia’s 2026/27 grain exports to 44.7 million metric tons, down from 49.4 million tons, warning that Azov and Black Sea ports will remain shut until 2027.

The corn market faces pressure from the US Department of Agriculture’s report indicating that US farmers and grain handlers had 35% more corn in storage as of September 1 compared to the previous year. Traders are awaiting crop production and supply-demand estimates from the USDA. Commodity brokerage StoneX revised its estimate of the average US 2026 corn yield to 182.1 bushels per acre, down from 182.9 bushels, while raising its forecast for the US 2026 soybean yield to 54.1 bushels per acre from 53.0 bushels.