Wheat Rallying as Russia Rejects Ukraine's Proposal

Wheat futures are rallying across three markets on Friday after additional Black Sea developments. Chicago SRW contracts are up 23 to 25 cents, while KC HRW futures lead higher by 35 to 36 cents. MPLS spring wheat is gaining 17 to 19 cents across most nearby contracts. The move follows Russia rejecting a Ukrainian proposal for a ceasefire involving civilian vessels and port infrastructure in the Black Sea region. With export infrastructure seeing increased strikes, shipments out of key Black Sea ports remain limited during a period when wheat exports typically ramp up after harvest. Export Sales for 2026/27 total 7.538 MMT, 36% of USDA’s current estimate and behind the 44% average pace.