Wheat Prices Soar on Ukraine Drone Strikes, Ahead of USDA Report

Grain futures rose overnight ahead of the USDA's August supply and demand report. Wheat prices led the gains, surging on reports that major Ukrainian drone attacks had halted operations at grain terminals in Russia's leading Black Sea wheat-export port.

The December corn contract was up 4.75 cents, while November soybeans were 5.75 cents higher. September SRW wheat prices rose by $0.22.25, and September HRW wheat prices increased by $0.27.

Analysts surveyed by Reuters expect the USDA to report a U.S. corn yield of 182.4 bushels per acre, down from last year's record high of 186.5 bushels. Soybean production is seen at 4.472 billion bushels, down slightly from last month's estimate.

Meanwhile, China's pledge to purchase more U.S. soybeans has been complicated by a lack of private buyer interest. State-owned Chinese firms have booked over 6 million tons of U.S. soybean cargoes for the 2026-27 season, but private crushers are waiting and playing it safe.