Wheat futures held gains on Thursday after jumping 5% on Wednesday, as Ukrainian and Russian strikes in the Black Sea threatened a key export route for the warring countries. The benchmark Chicago wheat contract traded near its highest level since early March, reflecting escalating supply concerns.

The Black Sea region accounts for a significant portion of global wheat exports, with both Ukraine and Russia ranking among the world's top shippers. Attacks on port infrastructure and vessels have raised the risk of further disruptions to shipments that feed nations across Africa, the Middle East, and Asia.

Traders are monitoring whether the latest violence will affect the fragile grain corridor agreements that have allowed some Ukrainian exports to continue. Any sustained interruption could tighten global balances further, especially as northern hemisphere harvests progress.

Analysts note that while prices have rallied, ample global stocks and ongoing harvests in other major producers like the US, Canada, and Australia may limit the upside unless export flows are materially reduced for an extended period.