FX.co ★ Wheat Futures Climb Over 1%

Wheat futures climbed more than 1% to around $6.70 per bushel in late July, extending their rebound from the sharp declines recorded on July 27, as mounting risks to Black Sea grain shipments intensified concerns about tightening global supplies. Worries over Black Sea exports deepened after three major Russian grain terminals reportedly restricted truck deliveries, citing heightened security threats and logistical disruptions following recent attacks in the Sea of Azov. Adding to fears of supply interruptions, a missile strike hit the Russian port city of Taganrog, a key grain-export hub on the Sea of Azov. These developments occurred as both Russia and Ukraine continued to target vessels and port infrastructure, amplifying concerns over the safety of one of the world’s most important grain-export corridors and raising the risk of broader disruption to global flows. At the same time, investors monitored reports that Ukraine was attempting to keep vessel traffic moving through its main export ports, despite official denials.