Trade
Wheat futures reach a 26 month high on Black Sea disruption but US export commitments fall 27% and the supply shock is not converting into trade
US 2026/27 all wheat commitments stand at 6.92 million tonnes against 9.54 million a year earlier, with hard red winter down more than half, showing that the sharpest Black Sea logistics disruption since 2017 has moved price without moving physical demand toward the residual supplier.
