Wheat Slides Over 2% to One-Month Low

Wheat slid more than 2% to below $7 per bushel, hitting its lowest level since August 25, as traders awaited significant breakthroughs in agricultural trade talks between the US and China amid their summit in Washington. Earlier Thursday, US President Donald Trump said the two leaders had made “tremendous strides” toward improving US access to the Chinese market through the newly created Board of Trade. However, the lack of specific details disappointed some market participants. Traders expect Chinese purchases of US crops, including wheat, to increase if tariffs are removed, as both countries have discussed reducing tariffs on certain goods, including US agricultural and energy products. Meanwhile, investors are also focused on renewed diplomatic talks between Ukraine and Russia, with hopes of restoring grain exports through the Black Sea.

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%.