Updated
Updated · Barchart · Jul 22
Wheat Jumps Near 3-Year Highs as Russia Halts Novorossiysk Shipments After Ukraine Drone Strikes
Updated
Updated · Barchart · Jul 22

Wheat Jumps Near 3-Year Highs as Russia Halts Novorossiysk Shipments After Ukraine Drone Strikes

3 articles · Updated · Barchart · Jul 22

Summary

  • KC hard red winter wheat led Wednesday’s grain rally, with spot futures climbing 21 to 30.5 cents to their highest level since August 2023.
  • Russia paused nighttime wheat shipments from Novorossiysk, a major Black Sea export hub, after recent Ukrainian drone strikes, tightening export flow and lifting global supply concerns.
  • Chicago SRW wheat rose 21 to 27.75 cents to its highest front-month continuation level since 2024, while Minneapolis spring wheat gained 16 to 24.75 cents.
  • Weather and crop signals added support: NOAA forecasts little to no precipitation across parts of Minnesota, the Dakotas and the Pacific Northwest, and the spring wheat tour put southern North Dakota day-1 yield at 45.9 bpa, 3.9 below last year.
  • Traders next turn to Thursday’s U.S. export sales report, where Reuters-surveyed estimates for 2026/27 wheat sales range from 200,000 to 550,000 metric tons.

Insights

With US wheat crops in 'terrific shape,' is the current price rally a bubble about to burst?
With Black Sea exports at risk and US supplies at 50-year lows, are we on the brink of a global food crisis?