CHICAGO: Chicago wheat futures shot higher on Friday as news of a Ukrainian attack on a Russian Baltic port and Moscow’s rejection of the idea of a Black Sea truce heightened market concerns about a squeeze on exports.
Soybeans and corn gained spillover support from wheat futures and firmer oil prices, though forecasts of rains in the US Midwest limited gains. The most-active wheat contract on the Chicago Board of Trade was last 22-1/4 cents higher at USD6.75-1/2 per bushel as of 10:40 a.m. CT (1540 GMT).
“The war is what’s floating the boat — there were thoughts there would be peace talks and then the Russians said no chance for that, so the market is 20 cents higher,” said Jack Scoville, vice president of Price Futures Group.
Russia’s rejection on Friday of the idea of a ceasefire with Ukraine in the Black Sea rekindled market concerns after a Reuters report on Thursday said Ukraine sent an offer suggesting a halt to attacks on civilian targets in the Black Sea.
Ukraine’s military said it struck Russia’s Novatek gas condensate processing complex in the Baltic port of Ust-Luga. While no damage to grain sites was reported, the news raised concerns about risks to Russian grain exports given already severely reduced Black Sea flows. CBOT soybeans were last 4-1/4 cents higher at USD11.86-1/2 a bushel, and corn rose 8-1/2 cents to USD4.80-1/2 a bushel.
Agricultural markets are adjusting to a new supply-and-demand outlook after the US Department of Agriculture raised this week its 2026 US corn and soybean acreage estimates while lowering its yield forecasts in its monthly report.
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