# Wheat prices soar as Black Sea crop causes concern | Dry Bulk

> Wheat futures jumped 4.8% in Chicago, their strongest performance in 10 months, as dry weather in southern Russia and crop damage spread into Ukraine. Ukrainian drone attacks on the Russian port of Novorossiysk added geopolitical risk, and Russian export prices rose to a four-month high.

- Date: 2024-05-21 · published 2024-05-21T12:00:00.000Z
- Category: geopolitics · region Black Sea · magnitude high
- Page: https://feedsoft.ai/events/4594-wheat-prices-soar-as-black-sea-crop-causes-concern-dry-bulk
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Crop losses and port attacks in the Black Sea tighten export supply, pushing wheat prices higher and supporting feed grain and oilseed markets.

## Read by commodity

- SBO: bullish ▲
- SOY: bullish ▲
- CORN: bullish ▲
- WHEAT: bullish ▲
- KWHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WHEAT | 2024-05-21 | 5 | +19.2% | 6.4 | Wheat futures rose 4.8% on May 21, the strongest move in 10 months, on dry weather in southern Russia, spreading Ukrainian crop damage and the Novorossiysk attack. |
| WHEAT | 2024-05-20 | 1 | +12.8% | 10.4 | Describes the strong wheat surge on dry weather in southern Russia, crop damage spreading to Ukraine, and the Novorossiysk attacks; dated May 21 but likely recaps the May 20 move. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2026-08-31 | [Wheat: Black Sea risks are driving up wheat prices](https://feedsoft.ai/events/17937-wheat-black-sea-risks-are-driving-up-wheat-prices.md) | +2.2% | +6.1% |
| WHEAT | 2026-07-15 | [European wheat prices surge 6% on Black Sea shipping concerns By Investing.com](https://feedsoft.ai/events/5070-european-wheat-prices-surge-6-on-black-sea-shipping-concerns-by-investing-com.md) | +3.2% | -0.1% |
| WHEAT | 2026-10-28 | [Wheat Prices Surge: Black Sea Conflict and Production Data (2026)](https://feedsoft.ai/events/447-wheat-prices-surge-black-sea-conflict-and-production-data-2026.md) | +0.2% | — |
| WHEAT | 2023-07-20 | [Black Sea conflict boosts wheat prices in Southeast Asia, Australia \| S&P Global](https://feedsoft.ai/events/35106-black-sea-conflict-boosts-wheat-prices-in-southeast-asia-australia-s-and-p.md) | -0.7% | -1.3% |
| WHEAT | 2023-05-05 | [Wheat prices surge as Kremlin drone attack stokes Black Sea tensions](https://feedsoft.ai/events/7380-wheat-prices-surge-as-kremlin-drone-attack-stokes-black-sea-tensions.md) | -1.9% | -5.2% |
| KWHEAT | 2026-08-31 | [Wheat: Black Sea risks are driving up wheat prices](https://feedsoft.ai/events/17937-wheat-black-sea-risks-are-driving-up-wheat-prices.md) | -5.0% | -9.9% |
| KWHEAT | 2026-10-28 | [Wheat Prices Surge: Black Sea Conflict and Production Data (2026)](https://feedsoft.ai/events/447-wheat-prices-surge-black-sea-conflict-and-production-data-2026.md) | +0.5% | — |
| KWHEAT | 2019-12-31 | [The Black Sea May Be the Key to Higher Wheat Prices - ProAg](https://feedsoft.ai/events/55128-the-black-sea-may-be-the-key-to-higher-wheat-prices-proag.md) | -1.1% | -1.8% |

## Sources

- drybulkmagazine.com: https://www.drybulkmagazine.com/dry-bulk/21052024/wheat-prices-soar/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.