Wheat futures rose during the week after wheat exports were suspended from Ukrainian Black Sea ports on July 22 and Russian Black Sea ports on August 12, reportedly following increased attacks on port infrastructure and civilian vessels. September contracts gained 5.4% to $248/t for Chicago SRW, 6.3% to $278.80/t for Kansas HRW, 0.7% to $248/t for Minneapolis HRS and 3.4% to €225.25/t on Euronext. Despite the short-term rally, soft-wheat contracts remained lower over the month.
The disruption is already reflected in regional export flows. Ukraine shipped only 219,000 tonnes of wheat in the first two weeks of August, 3.5 times below last year, while 2026/27 exports reached 1.29 million tonnes, down 17.5% year on year. Russian Black and Azov Sea terminals reportedly remain idle, increasing demand for US wheat. Ukrainian export bids were stable at UAH 8,200–8,900/t ($160–175/t) for milling wheat and UAH 7,900–8,200/t ($155–160/t) for feed wheat delivered to Danube and Black Sea ports. However, higher logistics costs and increased farmer selling pushed domestic and EXW prices lower.