ZW=F

Wheat Rose 11 Percent in Six Sessions on Black Sea Strikes.

A Second Supply Signal Was Firing at the Same Time, an Ocean Away.

Chicago wheat futures closed at 611.25 cents per bushel on July 9. By Friday morning, July 17, the contract traded at 677.50 cents, about 6.78 dollars per bushel, a rise of roughly 10.8 percent in six sessions, with one session in the middle of the week up more than 7 percent on its own. The driver on every wire is the Black Sea: Ukrainian drone boats disabled two Russian tankers, Russia struck port infrastructure around Odesa in response, and traffic through the region's export corridors thinned. That part of the story is visible to everyone. What Kresmion's monitoring added this week is a second, quieter supply signal from the opposite side of the planet. A modeled crop water stress gauge covering…