Fighting around the Black Sea is providing some support for wheat prices, but stronger U.S. exports are needed to sustain the rally. USDA cut expected wheat exports from Russia and Ukraine by a combined 2.5 million metric tons, or roughly 92 million bushels. So far, none of that lost export business has shifted to the United States. USDA continues to project U.S. wheat exports at 775 million bushels. Recent attacks on Russian and Ukrainian grain ports have supported prices, but additional overseas demand for U.S. wheat will be needed to give the rally staying power.
