Wheat rebounds from 4-1/2-month low on Black Sea supply concerns

Chicago wheat futures recovered on Friday after touching their weakest level since June 30, with Black Sea export disruption supporting prices despite ample harvest expectations elsewhere. Business Recorder reported the most-active contract at $5.90-1/2 a bushel, up 1.1% at 0352 GMT, after an earlier low of $5.82.

Even with the rebound, wheat was on course to finish the week 0.1% lower and remained about 25% below September’s peak. Argentina raised its 2026/27 output estimate by 500,000 metric tons to 24.3 million, while Australia’s crop is expected to reach around 32 million tons; meanwhile, attacks on Black Sea shipping continue to constrain Russian and Ukrainian supplies. Corn and soybean futures also rose after the US Department of Agriculture reduced its US supply outlook for both crops.