CBOT wheat higher on Black Sea export disruptions
WEAT•Chicago wheat futures settle higher
- CBOT December soft red winter wheat WZ26 futures settled 16-1/4 cents higher at $6.97-1/2 per bushel.
- K.C. December hard red winter wheat KWZ26 ended 18-1/4 cents higher at $7.76-3/4 per bushel.
- December spring wheat MWEZ26 settled 16-1/2 cents higher at $7.20-1/4 per bushel.
Black Sea shipping attacks disrupt wheat exports
Chicago Board of Trade wheat futures were underpinned on Wednesday by severe disruption to Black Sea exports after continued Russian and Ukrainian attacks on shipping.
- Attacks on shipping have shut down more than 97% of Russia and Ukraine's grain export capacity in the Azov and Black Sea basin, cutting off a major source of low-cost supplies and helping to drive up global prices.
- The two major grain exporters have intensified attacks on ports and shipping over the past month, leaving importers in the Middle East, Africa and Asia facing the prospect of sourcing grain from higher-cost suppliers such as Australia and the United States.
- Ukraine's agricultural exports dropped to 794,000 metric tons between August 1 and 15 compared to 3.67 million tons exported during the entire month of July, farm minister Taras Vysotskyi said on Wednesday.
- Ukraine's wheat exports could decline to between 5 million and 10 million metric tons in the 2026/27 July-to-June season if its Black Sea ports remain blocked by Russian attacks, ASAP Agri consultancy said.
