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2026-07-15 18:46:11
[Escalating Attacks on Ships in the Sea of Azov Trigger Wheat Surge, US Corn and Soybeans Suffer from Heatwave, Global Food Supply Chain Faces Another Test] ⑴ Chicago wheat futures surged over 3% on Wednesday, while European wheat hit a one-year high, primarily due to the escalating attacks on ships in the Sea of Azov, a key Russian wheat export route. ⑵ German traders noted that market concerns about increased Ukrainian attacks on Russian shipping vessels could reduce Russian wheat export capacity, prompting demand to shift towards EU supplies; benchmark European wheat futures rose over 5% intraday. ⑶ The Sea of Azov carries about a quarter of Russia's grain exports, and the market is also worried about potential attacks on Ukrainian grain ports, which were reportedly attacked on Wednesday. ⑷ Sources revealed that several grain ships were attacked and caught fire in the Sea of Azov between July 13th and 14th, drastically deteriorating the security situation along the Black Sea grain export route. ⑸ Corn and soybeans followed the rally, recovering some of the previous day's losses. The USDA weekly report showed a slight improvement in their condition ratings, but the heatwave continues to exert pressure, with highs expected to reach 35 to 38 degrees Celsius this week. (6) If the confrontation between Russia and Ukraine over shipping in the Sea of Azov and the Black Sea continues to escalate, global wheat trade flows will face a major restructuring, and the risk of price volatility will remain high.
