Prices surged from $.27 to the daily limit of $.45 in nearby CGO futures. Synthetically I had CGO Dec-26 trading $.01-$.02 above limit near today’s close. New contract highs for CGO and KC futures. Both spot CGO and KC also traded to 3-year highs on the weekly chart with next resistance $7.77 ¼ for CGO and $8.58 for KC. Repairs to grain infrastructure at Russia’s port of Novorossiysk could take between 1 to 4 months while Russia also considers pausing their grain export duty. Up to 70 vessels are waiting near the Danube’s Sulina Canal for access to Ukrainian ports to load grain for export. Bottlenecks will likely continue to build with only 5-7 vessels moving through per day. Meanwhile drought conditions in Ukraine threaten to delay and/or reduce winter wheat plantings for the 2027 harvest. Logistical issues could start turning into supply issues,” pointed out Mark Soderberg with ADM Investor Services.