Wheat Prices Surge Amid Ongoing Tensions in Black Sea Region
The wheat market is seeing gains across three exchanges on Thursday, with Chicago SRW contracts up 8 to 9 cents. Kansas City HRW futures are trading higher by 12 to 13 cents at midday, while Minneapolis spring wheat is up 10 to 11 cents in the front months.
Overnight, a Ukrainian drone strike hit a Russian grains export terminal on the Kerch Strait. This latest development comes as global wheat prices continue to be impacted by ongoing tensions between Russia and Ukraine.
The US Department of Agriculture's Export Sales data showed that 285,165 MT of 2026/27 wheat was sold in the week of 7/23, a marketing year low and less than half of the same week last year. The figures suggest that demand remains strong despite global supply chain disruptions.
As of midday Thursday, Sep 26 CBOT Wheat is trading at $6.69 1/4, up 8 1/2 cents, while Dec 26 CBOT Wheat is at $6.86 3/4, up 9 cents.