Wheat Climbs on Black Sea Shipping Risks; USDA Report in Focus

Chicago wheat futures advanced on Wednesday, supported by ongoing disruptions to Black Sea grain shipments as Russia and Ukraine continue to target each other's shipping infrastructure. The attacks have raised concerns about global supply availability from one of the world's key export corridors.

The most-active wheat contract on the Chicago Board of Trade rose 0.5% to $6.33-1/4 per bushel in early trading. Soybeans edged up a quarter of a cent to $11.69 a bushel, while corn added 0.1% to $4.61 a bushel, with both markets trading cautiously.

Analysts noted that Russian wheat exports in August could fall to their lowest level in nearly a decade. The world's top wheat exporter is grappling with low prices and heightened security risks along vital Black Sea shipping routes, adding further strain to global grain flows.

Trading activity was subdued as investors turned their attention to the U.S. Department of Agriculture's (USDA) August supply-and-demand report, due later in the day. The report is expected to include significant revisions to the agency's forecasts for this year's U.S. corn and soybean harvests.

Ahead of the release, analysts surveyed by Varta Wire projected the USDA would lower its estimate for the 2026 U.S. corn yield to 182.4 bushels per acre, down from 183.0 bushels previously. They also expected the agency to trim its forecasts for U.S. soybean ending stocks for both the 2025-26 and 2026-27 marketing years.

In broader markets, oil prices touched a one-week high on Tuesday, while Wall Street closed lower as traders grew more pessimistic about a potential deal to stabilize the Middle East and reopen the Strait of Hormuz.