Wheat prices climbed on November 5, 2026, as concerns over global supplies intensified due to a weaker outlook for Russian exports. The disruptions in the Black Sea region continued to limit shipments from one of the world's key grain-producing areas.
The most active wheat futures in Chicago rose as much as 0.7%, reversing a two-day decline. This uptick followed a downgrade in Russia's wheat export forecast by agricultural consultancy IKAR. The firm cut its 2026-27 wheat export forecast to 39.5 million tons from 42 million tons, according to Interfax.
IKAR also lowered its estimate for total grain exports to 49.5 million tons from 52.8 million tons. The revised figures reflect ongoing challenges in the Black Sea region, which have been disrupting grain shipments and tightening global supply.