Wheat Prices Surge as Russia Rejects Ceasefire Proposal

The wheat market is experiencing a significant rally as Russia rejects Ukraine's proposal for a ceasefire in the Black Sea region. The rejection has led to increased strikes on export infrastructure, resulting in limited shipments out of key ports.

CBOT wheat futures are up by 24 cents at $6.76 3/4, while KCBT wheat futures have surged by 35 3/4 cents to $7.56 1/4. The increase in strikes on export infrastructure has severely impacted wheat shipments, which typically ramp up after harvest for one of the world's key wheat exporting regions.

The recent Export Sales data shows total wheat sales for 2026/27 at 7.538 MMT, representing only 36% of the current export estimate from USDA and lagging behind the 44% average sales pace. Taiwan flour mills have also purchased a total of 97,200 MT of wheat in a tender from the US.