Wheat rises on Black Sea disruptions; market eyes USDA report

According to Business Recorder, wheat gained in Chicago on Wednesday as attacks by Ukraine and Russia on each other's shipping routes disrupted Black Sea supplies. The most-active CBOT contract rose 0.6 per cent to $6.34 a bushel by 0315 GMT. Soybeans and corn also edged higher, with moves kept modest.

A trader in Singapore warned that supply is turning into a concern for buyers, since Russia and Ukraine are in their peak export season. Analysts said Russian wheat exports in August could drop to the lowest level in almost ten years, as low prices and security risks on Black Sea routes weigh on the top exporter.

Attention now turns to the USDA August supply and demand report, which is expected to update its forecasts for American corn and soybean crops this year. Reuters polling points to a smaller 2026 US corn yield, put at 182.4 bushels an acre against 183.0 previously. Analysts also anticipate reduced soybean ending stock figures for both 2025-26 and 2026-27.