Wheat set for third weekly gain on Black Sea export concerns

BEIJING: Chicago wheat eased on Friday but stayed on course for a third straight weekly gain, supported by concerns over disruptions to exports from the Black Sea region as supplies tighten in Europe and North America.

Soybeans and corn were also headed for weekly gains, drawing support from strength in wheat. Soybeans were underpinned by renewed Chinese buying, while corn was supported by expectations of tighter global stocks.

FUNDAMENTALS

The most-active wheat contract on the Chicago Board of Trade (CBOT) slipped 0.3% to $6.72-3/4 a bushel by 0119 GMT, but was up 4.8% for the week.

Soybeans gained 0.19% to $11.97-1/4 a bushel, while corn remained unchanged at $4.64 a bushel. Both contracts were up 0.3% for the week.

Ukraine and Russia launched missile and drone attacks on Thursday on vessels in the Black Sea and the Sea of Azov, escalating hostilities in a region critical to grain exports and helping lift global wheat prices.

The International Grains Council left its 2026/27 world wheat production forecast unchanged at 821 million metric tons, but noted increased uncertainty in supplies from the Black Sea region.

Concerns over tightening global grain supplies also supported corn futures. The IGC cut its 2026/27 global corn production forecast by 4 million tons to 1.306 billion tons, citing recent heatwaves in Europe.

After a week of sizzling heat in the U.S. Midwest, forecasts called for less-threatening temperatures next week and increased chances of showers.

Commodity funds were net sellers of CBOT corn, soybeans and wheat futures, traders said on Thursday.

Asian stocks got off to a rocky start on Friday as the drag from chipmakers weighed on global equity indexes, while oil prices were set for their sharpest weekly rise in three months as tensions in the Middle East erupted anew.