# Wheat climbs to one-week high on Black Sea supply concerns - Markets - Business Recorder

> Chicago wheat futures climbed to a one-week high on May 4, 2023, recovering from multi-month lows as renewed Russia-Ukraine tensions cast doubt on the Black Sea export corridor. Soybeans slipped and corn was almost flat under pressure from US planting. The Kremlin drone accusation and Ukraine's comments on the deal were the main drivers.

- Date: 2023-05-04 · published 2023-05-04T12:00:00.000Z
- Category: geopolitics · region Black Sea · magnitude medium
- Page: https://feedsoft.ai/events/7384-wheat-climbs-to-one-week-high-on-black-sea-supply-concerns-markets-business
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Doubts about Black Sea supply flows support wheat prices after a weak stretch. Corn and soybeans are weighed down by faster US planting, which limits their upside.

## Read by commodity

- SOY: bearish ▼
- WHEAT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2023-11-22 | [Wheat jumps 1% to near 2-week high on Black Sea supply concerns - Markets - Business Recorder](https://feedsoft.ai/events/12251-wheat-jumps-1-to-near-2-week-high-on-black-sea-supply-concerns-markets-business.md) | -0.4% | -1.2% |
| WHEAT | 2022-03-21 | [Wheat rebounds on Black Sea supply worries; corn, soybeans rise 1% - Markets - Business Recorder](https://feedsoft.ai/events/6245-wheat-rebounds-on-black-sea-supply-worries-corn-soybeans-rise-1-markets.md) | +15.8% | +5.9% |
| WHEAT | 2026-08-31 | [Russian wheat export prices climb as Black Sea supplies shrink - Markets - Business Recorder](https://feedsoft.ai/events/17952-russian-wheat-export-prices-climb-as-black-sea-supplies-shrink-markets-business.md) | +2.2% | +6.1% |
| WHEAT | 2026-07-22 | [Chicago wheat jumps on renewed attacks on Black Sea ports - Markets - Business Recorder](https://feedsoft.ai/events/9558-chicago-wheat-jumps-on-renewed-attacks-on-black-sea-ports-markets-business.md) | -1.8% | +2.5% |
| WHEAT | 2022-11-01 | [Palm oil surges nearly 5% on worries over Black Sea supplies - Markets - Business Recorder](https://feedsoft.ai/events/8072-palm-oil-surges-nearly-5-on-worries-over-black-sea-supplies-markets-business.md) | +7.3% | +7.7% |
| SOY | 2025-12-02 | [U.S. grains: Corn, wheat futures climb on Black Sea tensions - Grainews](https://feedsoft.ai/events/21560-u-s-grains-corn-wheat-futures-climb-on-black-sea-tensions-grainews.md) | -3.0% | -7.2% |
| SOY | 2026-03-10 | [Chicago soy, grains retreat as technical selling unwinds crude-driven rally - Markets - Business Recorder](https://feedsoft.ai/events/10390-chicago-soy-grains-retreat-as-technical-selling-unwinds-crude-driven-rally.md) | -2.1% | -1.9% |
| SOY | 2026-07-29 | [Wheat up 1%, rises for second session on Black Sea disruptions \| ZAWYA](https://feedsoft.ai/events/18383-wheat-up-1-rises-for-second-session-on-black-sea-disruptions-zawya.md) | -4.7% | +1.3% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40240264

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