Wheat Futures Rise on Disruptions at Russian and Ukrainian Black Sea Ports

The Chicago Board of Trade's wheat futures are expected to open higher on Wednesday due to concerns over grain loading operations at Russian and Ukrainian Black Sea ports. The disruptions, caused by recent attacks between the two nations, have nearly brought these operations to a halt.

The market is also being supported by strength in corn prices. As a result, the benchmark CBOT December wheat contract has reached $7.19-1/4, its highest level in a month.

Repair works at one of Russia's main Black Sea export ports, Novorossiysk, could take up to four months to complete, according to NKHP, one of the three grain terminals there.