Market Overview
At 10:25 a.m. Central Time, the most‑traded wheat contract on the Chicago Board of Trade was up 13.5 cents to $7.87‑¼ per bushel, after earlier in the session touching $7.92‑¼ per bushel – the highest level recorded since 15 February 2023. The price surge was triggered by reports that Moscow rejected a proposed moratorium on Black Sea attacks and subsequently struck Ukrainian port infrastructure in the Odessa region overnight. Ukrainian officials confirmed the attacks, and President Volodymyr Zelenskiy stated that the strike deliberately damaged a border crossing with Romania and associated export facilities.
Futures had initially reversed earlier losses that had followed a statement from Turkey indicating it was in contact with both Russia and Ukraine regarding grain shipments through the Black Sea. The reversal underscored market sensitivity to any indication of resumed grain flows.
Related Grain Markets
Corn futures also climbed to a three‑year high, driven by concerns over a poor U.S. corn crop and the spill‑over strength from the wheat rally. Soybean futures reached their highest level in more than two‑and‑a‑half years, buoyed by a biofuels announcement the previous day, continued Chinese purchases of U.S. soybeans, and worries that hot, dry weather could damage the U.S. soybean crop.
Publication Note
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