Chicago grains futures climb as Black Sea export risks persist

Chicago wheat and corn futures rose on Tuesday after Ukraine cut its grain export forecast, highlighting war-related disruptions to shipments from the key Black Sea production region, while soybeans also jumped.

The most-active wheat contract Wv1 on the Chicago Board of Trade (CBOT) was up 0.4% at $6.42-3/4 a bushel, as of 0126 GMT. Soybean Sv1 gained 0.1% to $11.80-3/4 a bushel, and corn Cv1 edged 0.2% higher to $4.62-3/4 a bushel.

Ukraine, a major producer of wheat and corn, has cut its grain export forecast for the 2026/27 July-June season by up to 12% from a previous projection, its agriculture minister told Reuters on Monday, citing Russian attacks on the country's southern Odesa port hub.

The disruption could result in a grain storage shortfall of 11 million tons, the Ukraine agriculture ministry said.

Ukraine and Russia have increasingly targeted ships and ports during their 4-1/2-year conflict. However, both countries are harvesting large crops that could add to already ample global supplies.

APK-Inform analysts also cut their Ukraine grain export forecast on Monday by 8.6% to 39.4 million tons due to the disruptions.

The consultancy said in a report that it cut its export forecast for wheat, corn and barley and the volume could include 13.5 million tons of wheat, 24 million tons of corn and 1.5 million tons of barley.

For soybeans, the U.S. Department of Agriculture trimmed its weekly soy condition rating to 62% good-to-excellent, down a point from a week earlier.

As of Tuesday, 28% of U.S. corn and 26% of soybeans were affected by drought, according to the USDA and the National Drought Mitigation Center.

Rain and milder temperatures aided both crops last week after several weeks of excessive heat and dryness in much of the U.S. Midwest during July, analysts said.