Wheat prices edge higher as Russia-Ukraine attacks disrupt Black Sea exports
Wheat futures rose slightly in Chicago on Thursday amid ongoing disruptions to Black Sea grain exports caused by escalating Russia-Ukraine attacks.
Key Takeaways
AIWheat prices on the Chicago Board of Trade edged up slightly on Thursday, supported by continued disruptions to grain exports through the Black Sea as attacks between Russia and Ukraine—two of the world’s top wheat suppliers—intensified. Corn and soybean prices also posted modest gains after losses in the previous two sessions.
The most actively traded wheat contract on the Chicago Board of Trade (CBOT) rose 0.2% to $6.43 per bushel. Although this is below the two-year high of over $7 per bushel reached two weeks ago, wheat remains up more than 25% since the start of the year.
In other grain markets, corn prices increased by 0.2% to $4.61 per bushel, while soybeans also rose 0.2% to $11.77 per bushel.
Meanwhile, corn prices faced some pressure after StoneX raised its forecast for U.S. corn production this year to 16.16 billion bushels, with average yields estimated at 184.8 bushels per acre. This exceeds the latest U.S. Department of Agriculture estimates and supports expectations of ample supplies this season.