Wheat futures on the Chicago Board of Trade traded slightly lower on Tuesday, recording declines of as much as 2 cents per bushel, though traders said ongoing disruptions to grain shipments from the Black Sea region prevented a more pronounced fall in prices.
Market attention remains focused on weeks of attacks on shipping routes by Russia and Ukraine that have curtailed exports out of the Black Sea corridor. Those interruptions have reduced flows from the region and have affected movements out of Novorossiysk, which is Russia's primary grain export terminal, according to market commentary referenced by traders.
Demand signals elsewhere provided further support to prices. In an international tender, Jordan's state grain buyer acquired roughly 60,000 metric tons of wheat on Tuesday. The tender had sought up to 120,000 tons, and the purchase quantity was reported by European traders.
Supply-side concerns in Europe also contributed to market dynamics. Germany's farming association DBV issued a projection on Tuesday that the country's 2026 winter wheat harvest - the variety used in flour and bread production - is expected to decline by 7 percent to 20.9 million tons. The association attributed the anticipated drop to an unusually dry spring and a record heatwave in June that damaged crops.
On the exchanges, individual contracts showed only modest changes. CBOT September soft red winter wheat traded flat at $6.74-3/4 per bushel. Kansas City September hard red winter wheat firmed by 2-1/2 cents to $7.61-1/4 per bushel, and Minneapolis September spring wheat gained 4-1/2 cents to $6.79-1/2 per bushel.
Taken together, the market movements reflected a balance between muted near-term selling pressure in U.S. futures and persistent supply-side uncertainties tied to both Black Sea export disruptions and weather-related crop damage in Europe. Traders appeared cautious, with limited downside in prices even where contracts registered small declines.
Market snapshot:
- CBOT September soft red winter wheat: $6.74-3/4 per bushel, flat
- Kansas City September hard red winter wheat: $7.61-1/4 per bushel, up 2-1/2 cents
- Minneapolis September spring wheat: $6.79-1/2 per bushel, up 4-1/2 cents