Wheat Hits 26-month High

Wheat increased 5.04% to 720.08 USd/Bu

Wheat increased to 718.75 USd/Bu, the highest since May 2024. Over the past 4 weeks, Wheat gained 8.62%, and in the last 12 months, it increased 42.73%.

Wheat rose 5% toward $7.20 per bushel on Wednesday, the highest since July 2023, as intensifying Russia-Ukraine attacks threatened to further disrupt grain shipments from the Black Sea. The worsening conflict has raised concerns over the ability of the two major wheat exporters to move their crops to global markets, particularly as the new harvest gathers pace. Russia is expected to ship 46 million metric tons of wheat in the current marketing year, while Ukraine is projected to export 13.5 million tons, according to the US Department of Agriculture. Adding to upward pressure on prices, US wheat export inspections fell to 425,668 metric tons in the week ended August 20, from 514,363 tons a week earlier and well below the 1.05 million tons inspected during the same week last year. Meanwhile, the US spring wheat harvest was advancing rapidly, with 62% of the crop in the bin as of Sunday, compared with 41% a week earlier and above the five-year average of 52%.