Chicago Board of Trade wheat futures were set to open 9-12 cents higher per bushel on Wednesday after the most active December contract reached a one-month high of $7.19-1/4 per bushel.
The soft red winter wheat contract rose 12-1/4 cents to $7.15-1/2 per bushel, while hard red winter wheat in Kansas City advanced 11-1/2 cents to $7.82-1/4. Spring wheat in Minneapolis gained 8-1/2 cents, trading at $7.28-1/2 per bushel.
Market gains were driven by disruptions at key Black Sea ports, where grain-loading operations have nearly halted following recent attacks between Russia and Ukraine. NKHP, one of three grain terminals in Novorossiysk—Russia’s primary Black Sea export hub—reported that repair work at its facility could take up to four months to complete.
Additional support came from rising corn prices, while drought conditions in Ukraine further weighed on planting prospects for winter crops, according to state weather forecasters.
