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PARIS, July 24 (Reuters) – The escalation of attacks on Black Sea shipments and ports has driven wheat prices to their highest level in two years, fueling renewed concerns about food inflation as one of the world's most important grain export routes is once again threatened.
Soybean prices also reached a two-year high following a surge in crude oil prices, while corn rose to its highest level in over a year, with traders warning that disruptions to grain flows from the Black Sea could increase costs for food producers and consumers worldwide.
The Black Sea is one of the world's most important grain shipping routes, transporting cargoes from major producers such as Russia and Ukraine, and new threats to vessels and port facilities are increasing fears that exporters may struggle to get crops to buyers in Africa, the Middle East, and Asia.
"Given that the two countries together account for almost a third of global wheat exports, disruptions in the region have a direct impact on wheat prices," Commerzbank said in a note.
The most active wheat contract on the Chicago Board of Trade (CBOT) Wv1 rose 1.1% to $7.03-3/4 a bushel at 10:21 GMT after touching a two-year high of $7.11-1/4 in earlier trading, heading for a gain of more than 20% this month.
Ukrainian President Volodymyr Zelenskiy said on Thursday that Russia would intensify attacks on vessels in the Black Sea, accusing Moscow of plans to undermine Ukraine's grain corridor.
Security risks are already affecting companies and shipments.
Geneva-based vegetable oil producer Allseeds said it would halt operations in Ukraine's Odesa region, citing the escalation of Russian missile and drone attacks on port and logistics infrastructure.
Ukraine's agriculture minister also said that some shipowners had temporarily suspended arrivals at Black Sea ports used for agricultural exports after a recent increase in attacks on ports and merchant vessels.
Meanwhile, attention remained on crop prospects in major producing regions.
In North Dakota, an annual crop tour estimated spring durum wheat yields at 48.0 bushels per acre, slightly below last year's 49.0 but above the five-year average of 45.8.
In Canada, annual satellite and agronomic data analyzed by EarthDaily showed that farmers were experiencing the best mid-season growing conditions in a decade.
Meanwhile, soybeans Sv1 added 0.4% to $12.49 a bushel after touching $12.55 a bushel, a price not seen since May 2024.
Corn also rose 0.4% to $4.89-1/2 a bushel after having reached $4.94 in earlier trading, its highest point since April last year.
Soybean and corn prices have been supported by higher crude oil prices because the crops are increasingly used to produce biofuels such as ethanol and biodiesel.
In Brazil, one of the world's largest soybean producers, Rabobank expects the 2026/27 harvest to fall by 2% from the previous record harvest, to 178 million metric tons. The bank said that difficult market conditions could keep the planted area of soybeans relatively stable.
