The wheat complex is experiencing significant gains on Friday, driven by escalating tensions in the Black Sea region. Chicago SRW wheat contracts rose by 23 to 25 cents, while KC HRW futures surged by 35 to 36 cents. MPLS spring wheat also increased, with nearby contracts up 17 to 19 cents. This rally follows Russia’s rejection of a Ukrainian ceasefire proposal, which has resulted in increased strikes on export infrastructure, limiting shipments from key Black Sea ports during a crucial shipping period.
In recent export activities, total wheat sales for the 2026/27 season stand at 7.538 million metric tons (MMT), accounting for 36% of the USDA’s current export estimate, lagging behind the 44% average sales pace. Additionally, Taiwan flour mills have purchased 97,200 MT of wheat from the US.
Current prices include Sep 26 CBOT Wheat at $6.76 3/4, up 24 cents; Dec 26 CBOT Wheat at $6.91 3/4, up 23 1/2 cents; Sep 26 KCBT Wheat at $7.56 1/4, up 35 3/4 cents; and Sep 26 MIAX Wheat at $6.86 3/4, up 17 1/2 cents.
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