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Wheat prices surged more than 3% to above $6.50 per bushel on Wednesday, moving closer to the two-year high of $7.08 reached on July 22, as concerns over Black Sea supply disruptions intensified. Prices jumped after reports that major Ukrainian drone attacks had halted operations at a grain terminal in Novorossiysk, Russia’s leading Black Sea wheat export port. The attacks have raised fresh concerns over shipments during the peak export season for both Russia and Ukraine, with the two countries increasingly targeting each other’s vessels and logistics infrastructure. Russia’s wheat exports are expected to fall to their lowest level in nearly a decade in August, while consultancy IKAR has cut its 2026/27 export forecast by 500,000 tonnes to 44.5 million tonnes. Ukraine has also lowered its grain export outlook by up to 12%. However, weak international demand, lower Russian prices and alternative export routes could limit the impact on global supplies.
