Chicago Board of Trade wheat futures were poised to open 9 to 12 cents per bushel higher on Wednesday after recent attacks severely disrupted grain loading operations at Black Sea ports operated by Russia and Ukraine.
Trading was scheduled to resume at 8:30 a.m. CDT. The benchmark December wheat contract reached $7.19-1/4 per bushel, its highest level in a month and the strongest on a continuous chart since May 2024.
Among major contracts, December soft red winter wheat last traded up 12-1/4 cents at $7.15-1/2 per bushel. Kansas City December hard red winter wheat rose 11-1/2 cents to $7.82-1/4 per bushel, while Minneapolis December spring wheat gained 8-1/2 cents to $7.28-1/2 per bushel.
The disruptions stem from attacks affecting three grain terminals at Novorossiysk, Russia's primary Black Sea export port. One terminal, NKHP, announced Wednesday that repair work could take up to four months to complete. The halt in grain loading operations has raised concerns over export capacity in a region critical to global wheat supplies.
Market support also reflected strength in corn prices, which contributed to the upward momentum in wheat futures. The broader agricultural sector remains sensitive to weather conditions, with Ukrainian state forecasters reporting drought affecting large portions of the country and hindering winter crop sowing.
Wheat futures have now extended gains for a second consecutive session, reflecting tightening supply expectations amid escalating logistical challenges in key exporting regions.
