Wheat Futures Return to Over 2-Year High

2026-07-22 04:12 By Czyrill Jean Coloma 1 min. read

Wheat futures climbed to around $6.80 per bushel in late July, returning to their highest level since May 20, 2024, as worsening Black Sea tensions and deteriorating crop prospects in fueled supply concerns.

Russia restricted access to certain Sea of Azov and Kavkaz ports while continuing strikes on Ukrainian port infrastructure, as Ukraine launched drone attacks on warehouses operated by Wildberries.

The escalating tensions heightened concerns over grain shipments through the Black Sea, a critical export corridor for two of the world's largest wheat exporters.

Further supporting prices, SovEcon reduced its forecast for Russia's 2026/27 wheat harvest by 0.7%, citing lower yield expectations in southern regions and reduced spring wheat acreage.

Elsewhere, France's soft wheat production is expected to drop 7.6% this year following heat-wave damage, while US spring wheat conditions deteriorated, with the good-to-excellent rating falling five percentage points from a week earlier.



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Wheat Futures Return to Over 2-Year High
Wheat futures climbed to around $6.80 per bushel in late July, returning to their highest level since May 20, 2024, as worsening Black Sea tensions and deteriorating crop prospects in fueled supply concerns. Russia restricted access to certain Sea of Azov and Kavkaz ports while continuing strikes on Ukrainian port infrastructure, as Ukraine launched drone attacks on warehouses operated by Wildberries. The escalating tensions heightened concerns over grain shipments through the Black Sea, a critical export corridor for two of the world's largest wheat exporters. Further supporting prices, SovEcon reduced its forecast for Russia's 2026/27 wheat harvest by 0.7%, citing lower yield expectations in southern regions and reduced spring wheat acreage. Elsewhere, France's soft wheat production is expected to drop 7.6% this year following heat-wave damage, while US spring wheat conditions deteriorated, with the good-to-excellent rating falling five percentage points from a week earlier.
2026-07-22
Wheat Futures Retreat
Wheat futures slipped to around $6.70 per bushel in mid-July, retreating from a more than two-year high reached on July 15 as traders locked in profits. Despite the pullback, prices remained elevated as the Russia-Ukraine conflict showed no signs of easing, with Russian forces resuming strikes on Ukrainian port infrastructure along the Black Sea coast in response to recent Ukrainian attacks on Russian vessels in the Sea of Azov and the Black Sea. Adding pressure on prices, the USDA reported US wheat net export sales of 235,100 metric tons for the week ended July 9, below market expectations. Meanwhile, supply concerns emerged after the Grain Industry Association of Western Australia projected the state’s 2026 wheat harvest at 9.5 million tons, down nearly 30% from 13.3 million tons in 2025 due to hotter and drier conditions. Australia, one of the world’s largest wheat exporters, supplies key markets across Southeast Asia, the Middle East, and China.
2026-07-17
Wheat Hits 25-month High
Wheat increased to 683.50 USd/Bu, the highest since June 2024. Over the past 4 weeks, Wheat gained 11.11%, and in the last 12 months, it increased 27.61%.
2026-07-16