Extreme Heat Forecast for U.S. Corn Belt Amid Black Sea Grain Disruptions
Recent hostilities in the Black Sea region have disrupted grain exports, leading to a temporary suspension of vessel arrivals in Ukrainian ports. Russian attacks on merchant ships and port infrastructure have intensified, with Ukrainian President Volodymyr Zelenskiy warning of further escalations. Meanwhile, Chicago wheat prices fell after reaching a two-year peak, driven by profit-taking and expectations of lower production. Crop scouts in North Dakota projected a yield of 46.0 bushels per acre for hard red spring wheat, 8% lower than last year but slightly above the five-year average. Additionally, extreme heat is forecast for the U.S. Corn Belt, influencing corn futures alongside rising crude oil prices, which have also lifted soybean prices due to biodiesel market dynamics. 
