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.