Chicago Wheat Extends Its Rally, but No New Supply Shock Yet
🌾 Chicago wheat futures rose as much as 1% before trimming gains to around +0.6% near 6.87 USD/bushel. This marked the longest winning streak in a month, though prices remain only slightly above Friday’s six-week low near 6.825 USD.
⚓ Russia’s latest statement did not directly mention ports, vessels, or grain exports. The move is better viewed as the market maintaining a Black Sea risk premium that was already in place, rather than pricing in a fresh geopolitical supply shock.
📉 Physical supply risks remain more significant, with Sovecon cutting its 2026/27 Russian grain export forecast from 49.4 million to 44.7 million tonnes. Corn slipped while soybeans were nearly unchanged, reinforcing that the current move remains largely specific to wheat.
#Wheat $FIL
🌾 Chicago wheat futures rose as much as 1% before trimming gains to around +0.6% near 6.87 USD/bushel. This marked the longest winning streak in a month, though prices remain only slightly above Friday’s six-week low near 6.825 USD.
⚓ Russia’s latest statement did not directly mention ports, vessels, or grain exports. The move is better viewed as the market maintaining a Black Sea risk premium that was already in place, rather than pricing in a fresh geopolitical supply shock.
📉 Physical supply risks remain more significant, with Sovecon cutting its 2026/27 Russian grain export forecast from 49.4 million to 44.7 million tonnes. Corn slipped while soybeans were nearly unchanged, reinforcing that the current move remains largely specific to wheat.
#Wheat $FIL