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Black Sea Exports Face New Threats as Attacks Intensify
29 Jul
Summary
- Wheat prices increased due to disruptions in Black Sea grain exports.
- Russian grain terminals restricted truck deliveries citing heightened risks.
- US crop ratings for corn and soybeans saw a decline this week.
Chicago wheat prices saw a slight increase as ongoing attacks on Black Sea export infrastructure, including a missile strike on Russia's port city of Taganrog, heightened supply worries. Three significant Russian grain terminals have begun restricting truck deliveries, citing elevated shipping risks and recent changes in grain flows.
In the United States, the Department of Agriculture reported a downturn in crop conditions. As of Sunday, the corn crop's good-to-excellent rating fell to 63% from 67% the previous week. Similarly, soybean ratings decreased to 63% from 66%, both figures falling short of analysts' average estimates.
Elsewhere, China's Sinograin announced an auction of approximately 500,000 metric tons of imported soybeans, its largest such sale since January, which traders believe will help clear storage ahead of new U.S. arrivals. Brazil's soybean export outlook for 2026 was raised to a record 115.4 million tons by industry group Abiove.
