Chicago Board of Trade wheat futures climbed 23.25 cents to close at $7.84 per bushel on Friday, marking the highest settlement since February 2023 and surpassing earlier weekly peaks.
The contract briefly touched $7.9025 per bushel during the session, extending gains driven by mounting concerns over Black Sea grain exports. Russia’s reported consideration of intensified missile strikes against Ukraine has heightened risks to shipping in the region, where reciprocal attacks have already severely constrained loading operations at Russian and Ukrainian ports.
Corn futures rose 3 cents to $5.365 per bushel, after reaching a three-year high earlier in the week. Soybean prices advanced 20 cents to $12.88 per bushel, also hitting a 2.5-year peak, supported by persistent Chinese demand for U.S. supplies and uncertainty over domestic corn yields.
The surge in grain prices reflects broader supply chain disruptions linked to the conflict in Ukraine, a major global exporter, and underscores the sensitivity of agricultural markets to geopolitical developments in the Black Sea region.
