Wheat futures rallied sharply on Wednesday, with Kansas City hard red winter wheat hitting its 45-cent daily limit, as escalating conflict in the Black Sea region threatened exports. Chicago soft red winter wheat contracts were 35 to 36 cents higher at midday, while Kansas City contracts rose 41 to 43 cents in the front months after touching the limit. Minneapolis spring wheat futures gained 25 to 28 cents. The surge followed overnight Russian strikes on port locations in Odesa, Ukraine, in retaliation for recent Ukrainian attacks on Russian tankers in the Sea of Azov, adding to ongoing restrictions on Russian exports through the Kerch Strait. Taiwan importers purchased 98,150 metric tons of U.S. wheat overnight, providing additional support.
Black Sea export disruptions from Russian strikes on Odesa reduce global wheat supply, boosting KC HRW futures.
Black Sea export disruptions from Russian strikes on Odesa reduce global wheat supply, boosting Chicago SRW futures.