17.08.202602:46:44UTC+00Wheat Futures Hover Near 1-Month High

Wheat prices hovered around $6.70 per bushel in mid-August, holding near their highest level since July 24, as mounting tensions in the Black Sea continued to stoke fears over global grain supplies. Russia ruled out the possibility of a Black Sea ceasefire with Ukraine, stating there was no basis for “half-measures” that could alleviate pressure on its adversary. In recent weeks, both Russia and Ukraine have stepped up attacks on commercial shipping in the region, disrupting trade routes and pushing grain prices higher.

Reflecting these mounting risks, the US Department of Agriculture cut its outlook for grain exports from both countries, lowering its 2026/27 wheat export forecast for Russia to 46 million tonnes and for Ukraine to 13.5 million tonnes. Prices also drew additional support from worsening crop conditions in the southern US Plains, where prolonged dryness has raised concerns ahead of the 2027 winter wheat planting season, scheduled to begin in about a month.