“Wheat prices are less impacted by U.S. weather as the winter harvest hits the home stretch while spring wheat harvest is just underway. The need for War Premium remains as Russia and Ukraine continue to target each other’s port infrastructure and vessels with missile strikes. Grain movement will likely remain limited for the near term while also raising logistical costs,” Soderberg said. “Russia is considering arming vessel with military personnel while three of their deep-water Black Sea terminals are now restricting grain intake. These three hubs, two in Novorossiysk and one in Taman, have the capacity to ship 20 mmt. of grain annually. SovEcon lowered Russia’s 2026-27 wheat export forecast 2 mmt. to 44.6 mmt., well below the USDA estimate of 47.5 mmt.”