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Wheat rose after weekend strikes between Russia and Ukraine made any deal to restart exports from the two major producers increasingly unlikely.

The most-active wheat contract in Chicago rose by as much as 0.8% on Monday, after falling to its lowest intraday price since August last week. That followed signs that Russia may be exporting some of its crop through Baltic ports and reports that major exporters including Australia may be seeing a large harvest within weeks, easing concerns about supply.

However, renewed tensions between Russia and Ukraine have raised doubts over any near-term availability of wheat exports through the Black Sea, signaling tighter global supply as buyers seek urgent replacements. President Volodymyr Zelenskyy said on Sunday attacks on Ukraine’s substations had left tens of thousands without power, while Russia said emergency services were working to put out a fire at an oil terminal in St. Petersburg.

In an interview with Bloomberg, Zelenskyy said he was talking to Turkey, Egypt and India about the possibility of a corridor for exports through the Black Sea, but Russia opposes the idea at present.

“Our prices in Australia are being supported because of how strong demand will be, or is, to substitute out the Black Sea,” said Dennis Voznesenski, agricultural economist at the Commonwealth Bank of Australia. An average of wheat prices at five of the country’s largest grain ports briefly touched its highest since June 2024 on Monday, off the back of growing export demand for replacement wheat. “It’s all about Ukraine and Russia still,” he said.

Wheat rose 0.6% to $6.645 a bushel at 12:38 p.m. in Singapore Soybeans were up 0.2% to $12.785 a bushel, while corn was down 0.2%