Wheat saw particularly sharp gains on Wednesday as escalating attacks on grain infrastructure and commercial shipping in the Black Sea raised concerns about disruptions to global supplies.
Russian missile and drone attacks have reportedly reduced Ukraine’s Black Sea grain export capacity by roughly one-third, with several major terminals suspending purchases or operations. Ukraine has also intensified attacks on Russian vessels and shipping routes in the Sea of Azov, an important outlet for Russian grain. The growing threat to exports from two of the world’s major wheat suppliers triggered strong buying across all exchanges. September Chicago wheat jumped 32 ½ cents to $6.77 ½, and September Kansas City ended 42 cents higher at $7.20. September Hard Red Spring gained 26 cents to $6.92, and September Minneapolis added 25 ¼ cents to $6.83 ¼.
Corn futures also finished higher, benefiting from spillover strength in wheat and concerns that damage to Ukrainian ports could restrict corn shipments. Short covering and technical buying added to the gains as prices recovered from Tuesday’s decline. September and December corn each closed 9 cents higher at $4.47 ½, and $4.69 ½.
Soybean futures moved higher alongside the grain markets, supported by broad commodity buying and continued uncertainty surrounding U.S. crop prospects. August beans climbed 9 ½ cents to $12.02 ¼, and November was 10 ¾ cents higher at $12.01 ¾.
