CBOT wheat hits 6-week top on Russia-Ukraine tensions, bullish USDA data

Russia, the world's largest wheat exporter, temporarily stopped shipping through the Don-Azov channel, a waterway linking the Don River with the Sea of Azov, three grain export industry sources said, following a Ukrainian attack on 13 Russian vessels in the Sea of Azov on Friday.

Market analysts note that up to one-quarter of wheat exports from Russia, the world's largest exporter of the grain, pass through the Sea of Azov.

In a monthly supply/demand report, the U.S. Department of Agriculture lowered its forecast of 2026/27 world wheat ending stocks to 272.84 million metric tons, lower than most analysts expected and a drop from 279.04 million tons the prior year.

The USDA projected that U.S. wheat farmers would harvest 1.536 billion bushels of wheat for 2026/27, above an average of analyst estimates but still the smallest wheat crop in 56 years.

The USDA left its estimate of the European Union's 2026/27 wheat harvest unchanged at 136 million metric tons, while European analysts, including commodity data firm Expana and grain trade association Coceral, lowered their estimates this week following a severe heat wave.

• CBOT September soft red winter wheat WU26 settled up 20-1/2 cents, or 3.3%, at $6.40-1/4 per bushel after reaching , the contract's highest since May 27.