Wheat Hits One-Month Low

Wheat fell to around $7 per bushel, hitting its lowest level since August 25, as renewed diplomatic efforts between Russia and Ukraine raised hopes for progress toward restoring Black Sea shipping. Ukrainian President Volodymyr Zelenskyy said talks with US President Donald Trump focused on efforts to end the four-year-old war, including the possibility of a bilateral ceasefire targeting energy infrastructure. Zelenskyy also said Kyiv was prepared to consider any format for an energy truce with Moscow, while noting that no discussions had taken place on Ukraine unilaterally suspending strikes against Russian oil refineries. The Russia-Ukraine conflict has disrupted Black Sea shipments, prompting buyers to turn to alternative sources. Meanwhile, the US Department of Agriculture said earlier this week that US winter wheat planting was 17% complete as of Sunday, trailing the five-year average of 21%.

Wheat decreased to 709.00 USd/Bu, the lowest since August 2026. Over the past 4 weeks, Wheat gained 4.18%, and in the last 12 months, it increased 36.71%.

Wheat fell to around $7.2 per bushel, moving further below the 3-1/2-year high of $7.67 reached on August 28, as improving weather in parts of the US Plains eased concerns over winter wheat conditions. The USDA said recent rainfall across the northern and central Plains had improved topsoil moisture and prospects for germination, although planting remained behind average at 17% complete versus the five-year average of 21%. Kansas was 10% planted, Oklahoma 4% and Texas 21%. Meanwhile, continued attacks between Russia and Ukraine have clouded prospects for a recovery in Black Sea grain exports, with strikes on vessels and ports leaving seaborne shipments largely disrupted. Russia has increasingly redirected grain through Baltic and Arctic terminals, although volumes remain below normal Black Sea flows. Markets are also monitoring diplomatic efforts at the UN and the Trump-Xi meeting for potential developments affecting energy flows and Chinese agricultural purchases.