Wheat Rallying on Wednesday Following Black Sea Export Limitations

Wheat futures were sharply higher on Wednesday as trading support centered on Black Sea export limits and ongoing geopolitical risk. Chicago SRW contracts gained between 25 and 27 cents across most maturities. KC HRW futures led the move, up 29 to 31 cents, while MPLS spring posted midday gains of 20 to 22 cents. Traders were also looking ahead to U.S. Export Sales data from the USDA’s FAS scheduled for Thursday, with surveyed net 2026/27 sales expected in a 200,000 to 550,000 MT range. Weather inputs pointed to little to no precipitation across Minnesota and the Dakotas through the Pacific Northwest over the next week, according to NOAA’s 7-day QPF. Russia paused night shipments from Novorossiysk due to recent drone strikes by Ukraine. Prices showed strength: Sep 26 CBOT wheat rose to $7.04 1/4.