Attacks by Russia and Ukraine on each other’s ports and shipping have almost completely stopped these countries’ Black Sea exports. | Photo courtesy: ALEXANDER ERMOCHENKO
Chicago wheat futures jumped on Tuesday as hopes faded for a U.S. diplomatic push to end the Ukrainian war that has disrupted supplies from the Black Sea region. Soybeans and corn also rose in price.
By 0235 GMT, the most traded wheat contract on the Chicago Board of Trade (CBOT) jumped 3 percent to $7.56-1/2 a bushel. CBOT corn rose 0.7% to $5.40-1/4 a bushel and soybeans rose 0.2% to $13.12 a bushel.
U.S. peace envoys Jared Kushner and Steve Witkoff met over the weekend with Russian President Vladimir Putin in Moscow and Ukrainian President Volodymyr Zelensky in Kyiv, but their diplomatic efforts appeared to have produced no breakthrough in ending the war.
Traders said the visit of US envoys to Russia did not appear to have led to a peaceful breakthrough that would allow Ukrainian and Russian grain exports to resume.
Attacks by Russia and Ukraine on each other’s ports and shipping have almost completely stopped the countries’ Black Sea exports, prompting buyers to look for alternatives.
Disruptions to grain exports from the Black Sea region have led Asian wheat importers to buy at least half a million tonnes of Australian and Argentine wheat in recent deals, trade sources said last week.
Market participants remain concerned about the risks of a long interruption in the export of Russian and Ukrainian grain from the Black Sea regions.
Soybeans were supported by Chinese purchases of U.S. soybeans and concerns about hot, dry weather in key U.S. growing regions.
China’s soybean imports totaled 74.11 million tons between January and August, up 1.1 percent from 73.33 million tons a year earlier, data from the country’s General Administration of Customs showed on Tuesday.
Imports by the world’s biggest buyer of soybeans fell 1.1% in August from a year earlier to 12.14 million tonnes, data showed.
The USDA reported that exporters sold 192,000 tons of soybeans to China last week for delivery in the 2026/27 marketing year.
Expectations of weak harvests in the US Corn Belt are keeping corn futures low. Grain markets are also turning their attention to the USDA’s monthly supply and demand forecasts, which will be released this Friday.
Published September 8, 2026