Key facts
- Chicago wheat futures rose 0.3% to $6.64-1/2 a bushel.
- Corn futures fell 0.5% to $4.78 a bushel.
- Soybean futures lost 1% to $12.07-3/4 a bushel.
- Russian grain terminals restricted truck deliveries due to heightened shipping risks.
- A missile strike hit the grain-export hub of Taganrog.
- US corn crop ratings fell to 63% good-to-excellent, soybeans to 63%.
Chicago wheat futures saw a slight increase on Wednesday, driven by renewed concerns over supply disruptions in the Black Sea region following recent attacks on port infrastructure and vessels by Russia and Ukraine. Meanwhile, corn and soybean prices experienced declines.
Traders noted that while ports are severely disrupted, the market anticipates the situation to be temporary, thus limiting the geopolitical risk premium. The most active wheat contract on the Chicago Board of Trade (CBOT) rose by 0.3% to $6.64-1/2 per bushel. Soybeans fell 1% to $12.07-3/4 per bushel, and corn decreased by 0.5% to $4.78 per bushel.
Concerns over Black Sea exports were amplified after three major Russian grain terminals imposed restrictions on truck deliveries, citing increased shipping risks. A missile strike also impacted Taganrog, a key grain-export hub on the Sea of Azov, highlighting the security challenges facing regional supply chains.
In its latest report, the U.S. Department of Agriculture indicated that as of Sunday, 63% of the U.S. corn crop was rated 'good-to-excellent,' a decrease from 67% the previous week. Soybean ratings also dropped to 63% from 66%, with both figures falling below analysts' expectations.
Separately, China's Sinograin announced it would auction approximately 500,000 metric tons of imported soybeans on Friday, the largest such sale since January. Traders suggested this move could help clear storage space before the arrival of new U.S. soybean harvests. Additionally, Brazil's crushers group Abiove revised its 2026 soybean export forecast upward by 1.1% to a record 115.4 million tons, also increasing its soy crushing estimate.