Lates News

After Ukraine and Russia threatened to launch attacks against each other in the Black Sea region, the most active wheat futures trading on the Chicago market maintained near the high point after a 5% surge on Wednesday. The Black Sea is an important trade route for Russia and Ukraine, and Russia is the world's largest wheat exporter. According to the Ukrainian Agricultural Council, Ukraine's ability to export grain through Black Sea ports has been reduced by about one-third. The current situation is reminiscent of the impact on Black Sea supplies at the beginning of the 2022 Russia-Ukraine conflict, when Ukrainian ports were closed and millions of tons of grain were unable to be exported. However, Vitor Pistoia, a senior grain and oilseed analyst at Rabobank, pointed out that there are differences in the timing between the two situations: "The 2022 conflict escalated before the start of the planting and crop growth season in the Northern Hemisphere, so the market not only factors in the risk of export interruptions but also the risk of production decline. In 2026, the market's focus is mainly on exports."