Wheat up 1%, rises for second session on Black Sea disruptions

The most-active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 1.1% at $6.70 a bushel, as of 0222 GMT. Soybeans Sv1 lost 0.3% to $12.16-1/2 a bushel and corn Cv1 gained 0.2% at $4.81-1/4 a bushel.

Concerns over Black Sea exports were reinforced after three major Russian grain terminals restricted truck deliveries, citing heightened shipping risks following recent attacks and changes to grain flows after restrictions in the Sea of Azov.

A missile strike also hit the Russian port city of Taganrog, a grain-export hub on the Sea of Azov, underscoring the security risks facing the region's supply chains.

Investors are still focussed on reports that Ukraine was discussing possible mechanisms to keep vessels moving through its major export ports, despite a Ukrainian denial.

After the market closed on Monday, the U.S. Department of Agriculture said that 63% of the country's corn crop was rated "good-to-excellent" condition, as of Sunday, down from 67% a week earlier.

Ratings for soybeans fell to 63% from 66%, it said. Ratings for both crops were below the average analyst estimate.

Meanwhile, China's Sinograin said on Tuesday it would auction about 500,000 metric tons of imported soybeans on Friday, its largest such sale since January, in a move traders said could help free storage capacity ahead of new U.S. soybean arrivals.

Separately, Brazil is seen exporting a record 115.4 million metric tons of soybeans in 2026, said crushers group Abiove on Tuesday, raising its outlook by 1.1% from a June projection while also increasing its estimate for soy crushing.

Chicago wheat climbed more than 1% on Wednesday, supported by disruptions to Black Sea grain exports after Russia and Ukraine continued attacks on vessels and port infrastructure in the region.