Wheat reaches about $7 a bushel in late July, a two-year high as Black Sea attacks intensify

Wheat futures reached about $7 a bushel in late July 2026, the highest level since 20 May 2024. Corn also climbed to its highest in more than a year. Chicago wheat rose 2.2 percent in the latest trading week and is on track for a fourth consecutive weekly gain, while prices on the Paris exchange also hit a two-year high.

The main driver is the intensification of attacks on Black Sea shipping and ports. Market estimates indicate Ukraine has lost about one third of its grain export capacity through Black Sea ports. Russia's wheat exports in July may fall to around 1.5 million tonnes, nearly a third below last year's level and the country's weakest July export performance since 2017.

Deteriorating crop prospects in key producing regions and the rise in crude oil prices over recent weeks have also been cited as supporting grain prices. Iran is a major importer of wheat and corn, and world prices for these commodities feed directly into the cost of importing animal feed and into the country's food supply chain.