Wheat Market Weighs Supply Risks and Weak Demand

2026-08-11 14:47 By Agna Gabriel 1 min. read

Wheat prices fluctuated around $6.40 per bushel, remaining more than 10% below the two-year high of $7.08 on July 22, as weaker Russian prices, subdued international demand and alternative export routes eased concerns over Black Sea disruptions.

Hopes for progress in negotiations to restore shipping through the Strait of Hormuz also improved broader market sentiment, after Pakistan said the US and Iran were “close to some sort of arrangement” to reduce tensions.

However, risks to grain exports remain as Ukraine and Russia continue to target each other’s shipping routes.

Ukraine has lowered its 2026/27 grain export forecast by up to 12% from its previous estimate, while Russia’s wheat export outlook has also been reduced.

Consultancy IKAR cut its forecast for Russian wheat exports to 44.5 million tonnes, while Sovecon expects August shipments to reach their lowest level in a decade.

Traders now await the US government’s latest crop forecasts on Wednesday.



News Stream
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