Wheat futures advanced as a weaker outlook for Russian exports raised concerns about global supplies. Disruptions in the Black Sea continue to constrain shipments from the key grain-producing region.
The most actively traded Chicago wheat futures rose as much as 0.7%, ending a two-session decline. The move followed a report by Interfax that Russian agricultural consultancy IKAR had cut its 2026-27 wheat export forecast to 39.5 million tons from 42 million tons.
IKAR also lowered its forecast for Russia’s total grain exports to 49.5 million tons from 52.8 million tons.
Sources: Bloomberg Markets.