Wheat Hits 4-week Low

Wheat decreased to 631.00 USd/Bu, the lowest since July 2026. Over the past 4 weeks, Wheat gained 3.6%, and in the last 12 months, it increased 21.79%.

Wheat prices fell to around $6.30 per bushel in early August, hitting their lowest level since July 9, as falling oil prices weighed on broader agricultural markets. Oil prices, which often influence agricultural commodities such as the wheat, dropped sharply amid growing optimism over a potential US-Iran agreement after Qatar said mediation efforts between the two sides had entered an advanced stage. Adding to the bearish sentiment, improving US crop conditions reinforced expectations of ample wheat supplies, with USDA data showing the spring wheat crop’s good-to-excellent rating rising to 55% from 53% a week earlier. Meanwhile, Ukraine’s agriculture minister said alternative export routes would remain constrained until at least the end of August, with capacity limited to about half of typical Black Sea shipment volumes. While the restrictions kept supply risks in focus, continued exports helped ease concerns over a major disruption.

Wheat prices fell to around $6.40 per bushel, the lowest in three weeks, after Russia announced measures to strengthen the security of shipping in the Azov-Black Sea basin and develop alternative cargo routes. The move follows an escalation in maritime attacks between Russia and Ukraine, which have disrupted grain exports from two of the world's leading suppliers. Russia's transport ministry said it had formed a task force to reroute cargo and enhance navigational safety, while port operators pledged to handle additional shipments where possible. Despite these efforts, industry groups in both countries warned that continued attacks on ports, export terminals and commercial vessels could severely disrupt Black Sea grain exports during the peak harvest season, threatening global food supplies. Meanwhile, hopes for easing geopolitical tensions in the Middle East also weighed on grain prices by improving the outlook for fertilizer and energy supplies.