Wheat Surges as Black Sea Export Problems Persist

The wheat market has surged due to ongoing export problems in the Black Sea region. The area accounts for about a third of global trade, and issues caused by Russia's war on Ukraine are not expected to improve soon.

In related news, soybeans were higher on fund and technical buying, while corn also rose on similar factors.

The U.S. Energy Information Administration reported that ethanol production averaged 1.112 million barrels per day, up from the previous week and year, with stocks increasing as well.