CBOT wheat higher as traders assess Black Sea war

• CBOT December soft red winter wheat WZ26 settled 12-1/2 cents higher to $7.41-1/4 per bushel.
• Kansas City December hard red winter wheat KWZ26 settled 12-1/2 cents higher to $8.18-3/4 per bushel.
• Minneapolis December wheat MWEZ26 settled 14-1/2 cents higher to $7.62-1/2 per bushel.

Chicago Board of Trade wheat futures rose amid escalating conflict in the region, which was underlined by a morning attack on Dnipro, Ukraine, that hit a Bunge facility.

• Tit-for-tat attacks between Ukraine and Russia have choked off grain exports from the region.
• Both Ukraine and Russia have stepped up attacks in recent weeks against commercial ships, sending world grain prices higher. Russia has previously rejected the idea of a ceasefire in the Black Sea as a "half-measure".
• Diplomatic efforts to end Russia's war with Ukraine encouraged profit-taking earlier in the session.
• "Renewed Russian comments about restarting U.S.-mediated peace talks gave funds an excuse to trim risk, while tomorrow’s (USDA) report adds another reason not to chase prices before seeing the new numbers," CM Navigator analysts wrote.
• Expana raised its outlook for European Union soft wheat exports this season as reduced Black Sea shipments shifted demand to the bloc, while cutting its EU maize harvest forecast to a 34-year low after late-season heat and dryness damaged crops.
• The commodity data firm put EU soft wheat exports in 2026/27 at 29.5 million metric tons, up from 28.7 million tons projected in August, while lowering its estimate for 2025/26 shipments to 28.5 million tons.