Wheat Futures Rise as Black Sea Disruptions Continue
US wheat futures rose on Wednesday as disruptions to Black Sea grain exports continued, fueled by ongoing attacks on vessels and port infrastructure in the region.
Russia and Ukraine's actions have severely disrupted ports, but market participants seem to believe that this situation will be temporary, keeping geopolitical risk premium in check, according to a French trader.
The most active wheat contract on the Chicago Board of Trade (CBOT) increased by 0.3% to $6.64-1/2 a bushel at 1143 GMT. Soybeans lost 1% to $12.07-3/4 a bushel, and corn fell 0.5% at $4.78 a bushel.
Three major Russian grain terminals restricted truck deliveries due to heightened shipping risks following recent attacks and changes in grain flows after restrictions in the Sea of Azov.