Wheat futures fell to around $7.50 per bushel in early September, slipping away from a more than three-year high reached on August 28 as prospects for renewed grain shipments through the Black Sea eased supply concerns. Turkey said it is in talks with both Russia and Ukraine regarding the safe passage of grain exports and expressed its willingness to help revive the UN-backed agreement that previously facilitated Ukrainian grain shipments during the war. Wheat prices surged more than 16% in August as the Russia-Ukraine conflict severely disrupted grain flows through the Black Sea and the Sea of Azov, key export routes that historically handled roughly 70% of Russia's grain exports. Meanwhile, renewed tensions in the Middle East have heightened concerns over potential energy supply disruptions from major oil-producing regions, driving crude oil prices higher and adding to broader uncertainty across commodity markets.

Wheat decreased 15.28% to 649.8 USd/Bu

Wheat fell around 3% to $7.43 per bushel on Monday, retreating from a three-year high of $7.67 reached in the previous session as profit-taking emerged. Despite the decline, wheat remains up more than 16% in August, marking its strongest monthly performance since February 2022. The recent rally has been driven by growing concerns over disruptions to Black Sea supplies, with Russia and Ukraine facing continued attacks on ports and shipping infrastructure. Both countries are major exporters, together accounting for more than a quarter of global wheat shipments. Russian exporters have increasingly redirected cargoes toward Baltic ports, while some buyers are turning to alternative suppliers such as Romania, France and Poland. The outlook remains uncertain as tensions escalate and prospects for a near-term peace agreement weaken. Meanwhile, Ukraine expects farmers to reduce winter-wheat plantings for the 2027 crop.