Wheat Prices Rise by 4.8% Following Ukraine's Attacks on Russian Refineries

Wheat prices increased by 4.8% on Friday amid traders' concerns about potential supply disruptions following Ukraine's attacks on Russian oil refineries and tankers. This marks the largest increase since mid-May. Paris futures for milling wheat rose by 5.7%, the biggest jump since mid-April. The price surge occurred ahead of the U.S. Department of Agriculture's forecast for demand and supply, which lowered the estimate for global wheat stocks to 272.8 million tons. U.S. wheat production is projected by the USDA to be 1.536 billion bushels, the lowest level since 1970. Despite concerns over shipping disruptions, the USDA raised its wheat production estimates for Russia and Ukraine. The governor of the Rostov region reported ongoing efforts to extinguish fires at oil facilities following the attacks. Additionally, the USDA announced the sale of 264,000 tons of soybeans for delivery to China in the 2026-2027 marketing year.