CBOT wheat futures led gains in grains amid continued Black Sea export disruptions, briefly reaching a near three-year high before trimming gains to +1.53%. Agricultural consultancy SovEcon said Russia's proposed measures, including a temporary suspension of export duties, are "unlikely to materially support Russian grain exports or domestic prices." It warned that "unless Black Sea and Azov logistics improve, grain will continue to accumulate domestically, keeping Russian domestic prices under

CBOT wheat futures led gains in grains amid continued Black Sea export disruptions, briefly reaching a near three-year high before trimming gains to +1.53%. Agricultural consultancy SovEcon said Russia's proposed measures, including a temporary suspension of export duties, are "unlikely to materially support Russian grain exports or domestic prices." It warned that "unless Black Sea and Azov logistics improve, grain will continue to accumulate domestically, keeping Russian domestic prices under pressure; reduced Russian supply will support global wheat prices." SovEcon cut its estimate for Russia's August wheat exports by 300,000 tonnes to 1.9 mln tonnes.