News

Corn and wheat rise amid Black Sea export concerns

A Russian strike on energy supplies over the weekend caused Ukraine’s Port of Odesa to temporarily suspend operations, leading to some uncertainty about exports in the Black Sea region.

Greg McBride with Allendale tells Brownfield the strike mostly impacted non-critical infrastructure.

“There was no major port damage,” he said. “They actually could have been up and running yesterday just a day after all of this happened, but some of the weather over there was adverse so they had to hold back. Nothing shipped out of Ukraine yesterday.”

He says the attack gave support to corn and wheat futures.

“These markets have been mostly rangebound, speaking specifically to the corn and beans,” McBride said. “On the wheat side of things, it’s just kind of been in a freefall mode and we got to the point where we were oversold. Now, we continue to look for that market to find some support.”

McBride says Ukraine’s Port of Odesa has resumed operations.