Chicago wheat extends rally on Black Sea conflict concerns

Business Recorder reported that wheat contracts on the Chicago Board of Trade kept rising on Thursday, as concern grew that Russia could intensify missile attacks on Kyiv. The benchmark contract gained 1.7% to $761-1/2 a bushel in early trade, while corn retreated 0.3% to $534-3/4 and soybeans slipped 0.5% to $12.59-1/2.

Wheat had already hit its daily limit and reached fresh multi-year peaks in the previous session after reports that Russia is weighing heavier ballistic missile strikes, including on central Kyiv and critical infrastructure across Ukraine. According to the report, peace talks have hit a dead end, adding to uncertainty over global supply. Attacks in recent months have nearly halted grain shipments through the Black Sea and Sea of Azov ports, which once handled 70% of Russian grain exports.

The company said on Wednesday that NKHP, a grain terminal at Novorossiysk, could need up to four months of repairs after a Ukrainian attack. Novorossiysk is Russia's leading Black Sea shipping hub, and NKHP is one of three grain terminals there. Separately, shipping data and traders indicated that two vessels will arrive at a French port within days to load wheat for Egypt, the world's largest wheat importer, which bought more than 80% of its wheat from Russia and Ukraine in the first six months of 2026.