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Black Sea Attacks Push Grain Prices Higher
Global grain markets extended their rally after renewed attacks on Black Sea shipping and port infrastructure intensified concerns over the security of one of the world's most important agricultural export routes.
Wheat climbed to a two-year high, while soybean and corn prices also advanced as higher crude oil prices and shipping disruptions continued to influence commodity markets.
Wheat Reaches Two-Year High
The Black Sea remains a critical corridor for grain exports from Russia and Ukraine. Any disruption to shipping in the region can quickly affect global food supplies and market sentiment.
Analysts said renewed threats to merchant vessels and port facilities have increased concerns that exporters may face greater difficulties delivering cargoes to customers across Africa, the Middle East and Asia.
According to Commerzbank, Russia and Ukraine together account for nearly one-third of global wheat exports, making the region a key driver of international wheat prices.
The most active wheat contract on the Chicago Board of Trade (CBOT) rose 1.1% to $7.03¾ per bushel after earlier reaching $7.11¼, its highest level in two years. The contract is on course for a monthly gain of more than 20%.
Security Risks Continue to Disrupt Black Sea Trade
Ukraine's President Volodymyr Zelenskyy said Russia is expected to intensify attacks on vessels operating in the Black Sea, warning that the country's grain export corridor could face additional pressure.
The security situation is already affecting commercial activity.
Vegetable oil producer Allseeds announced it was suspending operations in Ukraine's Odesa region, citing repeated missile and drone attacks on port and logistics facilities.
Ukraine's agriculture ministry also said some shipowners had temporarily suspended calls at Black Sea ports used for agricultural exports following the recent increase in attacks on merchant ships and port infrastructure.
Crop Outlook Offers Mixed Signals
While security concerns supported prices, production forecasts from major growing regions presented a mixed outlook.
In North Dakota, an annual crop survey estimated hard red spring wheat yields at 48 bushels per acre, slightly below last year's result but still above the five-year average.
In Canada, satellite and agronomic analysis by EarthDaily indicated that crop conditions are currently the strongest seen in a decade.
Soybeans and Corn Follow Oil Market Rally
Soybean and corn futures also moved higher during the session.
Soybeans gained 0.4% to $12.49 per bushel after touching their highest level since May 2024. Corn also added 0.4%, reaching $4.89½ per bushel after earlier touching its highest level since April 2025.
Higher crude oil prices have provided additional support because both crops are widely used in the production of biofuels, including ethanol and biodiesel.
Supply Chain Concerns Remain in Focus
The combination of higher energy prices and growing security risks in the Black Sea continues to influence global agricultural trade.
For grain exporters, shipping companies and commodity buyers, continued disruption to Black Sea logistics could increase transportation costs and place additional pressure on global food supply chains in the months ahead.
