Chicago wheat traded near a four-month low Sunday evening as a lower U.S. forecast for Russian exports coincided with reports of renewed vessel clearances from the Sea of Azov.
The U.S. Department of Agriculture (USDA) put Russian wheat exports at 40 million metric tons for the 2026/27 trade year, down from 43 million in September. The agency described the new projection as its lowest in five years. The trade year runs from July 2026 to June 2027.
At 8:28 p.m. ET Sunday, Nov. 1 (01:28 UTC Nov. 2), Chicago’s most-traded wheat contract was down 0.3% at $6.01 3/4 a bushel, Reuters reported. Corn rose 0.4% to $4.49 1/2 a bushel, while soybeans gained 0.2% to $12.37 1/4 a bushel.
The Reuters account of renewed grain-shipping permissions drew on seven industry sources, who said the previous comparable clearances dated to July 10. Bloomberg separately cited three people familiar with the matter for temporary authorizations at Temryuk and Kavkaz. Bloomberg also reported that a vessel had passed through the Kerch Strait into the Black Sea.
Neither account gave a volume for grain moved under the permissions. The reports therefore do not establish a broad resumption of Russian grain exports. Reuters reported that its sources described permissions for grain vessels to leave the Sea of Azov.
USDA cited conflict and disruption at Black Sea ports among constraints on Russian shipments, a problem addressed in EconoTimes’ earlier coverage of the grain-deal outlook. The agency said first-quarter shipments to Egypt were nearly 50% lower than a year earlier and deliveries to Turkey were down nearly 90%. Favorable growing conditions and large harvests in both countries also reduced their near-term import needs.
The Commodity Futures Trading Commission (CFTC) said noncommercial traders held a net short position of 50,762 Chicago wheat contracts on Oct. 27, compared with 29,270 a week earlier. Each futures contract represents 5,000 bushels.
