Russia has reportedly rejected a Ukrainian proposal to stop attacks on agricultural vessels and port infrastructure. The Ukrainian proposal would have also resulted in its country stopping attacks on Russian energy facilities. Russian wheat exports in August could fall below 3 million metric tons, potentially the lowest August total since 2010. War-risk insurance costs have also jumped as shipowners avoid the region. For U.S. markets, the disruption is considered supportive for wheat and could also provide some support for corn as Ukraine approaches its corn harvest.
