Wheat Futures End Mixed as Black Sea Shipping Risks Counter Supply Factors

Chicago wheat futures finished little changed on Tuesday, with prices finding support from persistent shipping disruptions in the Black Sea region that limited downside pressure from other market factors.

Ongoing attacks on shipping routes by both Russia and Ukraine have hampered grain exports from the crucial region for several weeks, according to market reports. The disruptions have impacted key ports, including Russia's primary grain export hub of Novorossiysk.

Market Performance

Trading on Tuesday resulted in a mixed close across the major U.S. wheat contracts:

• The Chicago Board of Trade (CBOT) September soft red winter wheat contract finished flat at $6.74-3/4 per bushel.
• Kansas City September hard red winter wheat futures rose 2-1/2 cents to settle at $7.61-1/4 per bushel.
• Minneapolis September spring wheat futures added 4-1/2 cents, closing at $6.79-1/2 per bushel.

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Global Supply and Demand

Adding to global supply concerns, Germany's 2026 winter wheat harvest is forecast to decline by 7% to 20.9 million metric tons, Germany's farming association DBV said Tuesday. The association attributed the expected shortfall to an unusually dry spring followed by a record-breaking heatwave in June.

On the demand side, Jordan's state grain purchasing agency bought approximately 60,000 metric tons of wheat in an international tender on Tuesday, according to European traders. The volume was half of the 120,000 tons the agency had initially sought.