Wheat Futures Gain as Black Sea Supply Disruptions Loom

Chicago wheat futures posted their first monthly gain in three months despite falling on Friday as concerns grew over Black Sea supply disruptions from attacks by Russia and Ukraine.

The technical trading pushed wheat futures lower, with soybeans and corn following the downward trend, according to Brian Splitt, partner at AgMarket.net.

Wheat prices had jumped on Thursday after reports emerged that Ukrainian drones attacked the port of Taman in Russia on the Kerch Strait, which connects the Black Sea and the Sea of Azov.

Analysts said shipowners, insurers, and exporters may become more reluctant to operate in the region, which could increase freight costs and slow grain movement.