Wheat Prices Surge on Ukrainian Drone Strikes and Tighter Supply
CommodityGeopolitics
Wheat futures rallied sharply across all three U.S. exchanges on Thursday, with Chicago SRW contracts closing 13 ¾ to 22 ½ cents higher, KC HRW up 14 ½ to 21 ¾ cents, and Minneapolis spring wheat up 13 to 15 ¼ cents. The gains followed Ukrainian drone strikes on Russia’s Novorossiysk port that halted operations at the country’s largest port, and Russia’s retaliatory strike on a vessel in Ukraine’s Odesa port. USDA data showed 2026 wheat production at 1.531 billion bushels, down 5 million from July, and 2026/27 ending stocks at 717 million bushels, also down 5 million. World ending stocks were raised by 0.41 million metric tons to 273.25 million metric tons, with increases for Canada and Ukraine offsetting a cut for the EU.
