Recent attacks in the Black Sea have driven wheat and corn prices to their highest levels in over three years, while soybeans are approaching a similar milestone, casting a shadow over the inflation outlook for livestock feed and food ingredients. On Friday, wheat touched $7.725 per bushel, and corn climbed to $5.4125 per bushel, both marking their strongest levels since late July 2023. Meanwhile, soybeans hit $12.795 per bushel, the highest since January 2024.

Wheat has surged 10% this week and is up more than 20% over the past month, bringing its year-to-date gain to an impressive 51%. Corn advanced 6% this week, accumulated a 16% rise in August, and is up 22% since the start of 2026. Soybeans added 3% this week, gained 7% in August, and have climbed 22% year-to-date in 2026.

The price rally stems largely from hostilities between Russia and Ukraine in the Black Sea, which have disrupted grain shipments. "Almost all grain transport through Black Sea and Azov Sea ports has ground to a halt, and these ports previously handled 70% of Russia's grain exports," noted market analysts. Corn prices have also been buoyed by adverse summer weather across the United States, while soybean gains are partly attributed to increased demand from China.