Wheat futures climbed to around $6.80 per bushel, approaching the two-year high of $7.08 set on July 22, as renewed worries over export disruptions in the Black Sea region supported prices. Ongoing Russian and Ukrainian attacks on shipping have severely disrupted regional grain flows, driving a sharp drop in Ukraine’s agricultural exports in the first half of August.
Market participants are increasingly concerned that sustained restrictions on Black Sea ports could significantly curb Ukrainian wheat exports in the 2026/27 marketing year. If access to key ports remains constrained, Ukraine’s wheat shipments could shrink to between 5 million and 10 million metric tons.
Wheat prices have also drawn support from strength in soybean and corn markets, while persistent geopolitical tensions keep global supply risks in focus. Although some investors have recently taken profits after the earlier price rally, ongoing disruption to Black Sea exports continues to provide a firm floor under wheat prices.
