US hard red winter wheat basis bids held steady as 2027 crop planting advanced. K.C.
December HRW futures settled 10 cents lower at $6.44 per bushel after Russia reopened Sea of Azov grain export routes.
Expanded Russian export access adds Black Sea supply and competition, pressuring world wheat prices despite some US demand.
After 16 past bearish geopolitics events, KWHEAT moved a median -3.0% over 5 sessions (13% higher; middle half -4.3% to -1.9%), and -0.5% over 20.
After 80 past bearish geopolitics events, WHEAT moved a median -0.4% over 5 sessions (44% higher; middle half -1.4% to +1.9%), and -0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.