Wheat Prices Soar as Black Sea Disruptions Mount Amid Russia-Ukraine Conflict

Wheat prices surged more than 2% to above $6.60 per bushel on Friday, marking the strongest weekly gain since mid-July.

The rally was driven by concerns over disruptions to Black Sea exports amid the ongoing Russia-Ukraine conflict.

Russia and Ukraine together account for almost 30% of projected world wheat exports in the 2026/27 season, making their supplies particularly vulnerable to interruptions.

Supply chain concerns intensified after Russia halted grain loadings at its main Black Sea and Azov Sea ports following Ukrainian drone attacks earlier in the week.

Operations at all three major terminals in Novorossiysk have been suspended, which could force Russia to reduce exports further this month, tightening global availability.