Wheat Prices Reach Three-Year Highs Amid Ongoing Black Sea Tensions

The wheat market has reached three-year highs in winter wheat exchanges after Thursday's trading session. Chicago SRW contracts saw gains of 8 to 12 ½ cents, while KC HRW futures posted increases of 10 to 13 ¼ cents. MPLS spring wheat also rose by 5 to 11 ¼ cent.

The ongoing conflict in the Black Sea is a significant factor driving up prices. Export sales data showed that 402,531 MT of 2026/27 wheat was sold last week, a nine-week high but still 30.57% below the same period last year. Mexico was the top buyer, followed by Japan and Vietnam.

The European Commission estimated EU wheat production at 124.2 MMT, down from 124.4 MMT last month. Ending stocks are seen at 11.3 MMT, a drop of 1.6 MMT from last month's estimate.