Grains Markets Hit New Highs on Black Sea Attacks, Crude Oil Rally

PARIS, July 24 (Reuters) – Escalating attacks on Black Sea shipping and ports have sent wheat prices soaring to their highest in two years, stoking fresh concerns over food inflation as one of the world’s most important grain export routes comes under renewed threat.

Soybean prices also hit a two-year peak following a rally in crude oil prices, while corn climbed to its highest in more than a year, with traders warning that disruptions to grain flows from the Black Sea could increase costs for food producers and consumers worldwide.

The Black Sea is one of the world’s most important grain-shipping routes, carrying cargoes from major producers Russia and Ukraine, and renewed threats to vessels and port facilities are raising fears that exporters could struggle to move crops to buyers in Africa, the Middle East and Asia.

“Since the two countries together account for nearly one-third of global wheat exports, disruptions in the region have a direct impact on wheat prices,” Commerzbank said in a note.

The most active wheat contract on the Chicago Board of Trade (CBOT) Wv1 was up 1.1% at $7.03-3/4 a bushel as of 1021 GMT after touching a two-year high of $7.11-1/4 in earlier trade, putting it on track for a more than 20% gain this month.

BLACK SEA SHIPPING UNDER THREAT

Ukrainian President Volodymyr Zelenskiy said on Thursday Russia will step up attacks on vessels in the Black Sea, accusing Moscow of plans to undermine Ukraine’s grain corridor.

The security risks are already affecting businesses and shipping.

Geneva-based vegetable oil producer Allseeds said it was halting operations in Ukraine’s southern Odesa region, citing escalating Russian missile and drone attacks on port and logistics infrastructure.

Ukraine’s agriculture minister also said some shipowners had temporarily suspended arrivals at Black Sea ports used for agricultural exports after a recent rise in attacks on ports and merchant ships.

Meanwhile, attention remained on the crop outlook in major producing regions.

In North Dakota, an annual crop tour estimated hard red spring wheat yields at 48.0 bushels per acre, slightly below last year’s 49.0 but above the five-year average of 45.8.

In Canada, annual satellite and agronomic data analyzed by EarthDaily showed farmers were seeing the best mid-season crop conditions in a decade.

CORN AND SOYBEANS ALSO CLIMB

Meanwhile, soybeans Sv1 added 0.4% to $12.49 a bushel after touching $12.55 a bushel, a price not seen since May 2024.

Corn was also 0.4% higher at $4.89-1/2 a bushel after hitting $4.94 in earlier trade, its highest point since April last year.

Both soybean and corn prices have been supported by higher crude oil prices because crops are increasingly used to produce biofuels such as ethanol and biodiesel.

In Brazil, one of the world’s biggest soybean producers, Rabobank expects the 2026/27 crop to fall 2% from the previous record harvest to 178 million metric tons. The bank said difficult market conditions could keep the area planted with soybeans broadly stable.

(Reporting by Sybille de La Hamaide in Paris; Additional reporting by Naveen Thukral in Singapore; Editing by Jan Harvey)

(c) Copyright Thomson Reuters 2026.

Editorial Standards · Corrections · About gCaptain

This article contains reporting from Reuters, published under license.

Subscribe for Daily Maritime Insights

Sign up for gCaptain’s newsletter and never miss an update

— trusted by our 104,525 members