Wheat Hits 18-week Low

Wheat remained below $6 a bushel, hovering near their lowest level since early July, as traders awaited the outcome of US-brokered peace talks between Russia and Ukraine. Officials from the two countries met in Abu Dhabi for their first such discussions since February, raising hopes that a de-escalation could eventually restore Black Sea grain trade. Meanwhile, expectations of stronger demand for French supplies are growing as buyers seek alternatives to restricted Russian shipments. Lithuania also announced that Russian and Belarusian grain arriving through the port of Klaipeda would face origin checks, potentially delaying exports for months. Nevertheless, broader market sentiment remained pressured by expectations of abundant global supplies, with larger harvests forecast in Australia and Argentina. Wheat prices have fallen steadily from their August 28 peak of $7.67 a bushel, a 3-1/2-year high, as global production is expected to reach its second-highest level on record.

Wheat decreased to 589.25 USd/Bu, the lowest since June 2026. Over the past 4 weeks, Wheat lost 12.08%, and in the last 12 months, it increased 10.32%.

Wheat fell below $6.00 a bushel, reaching their lowest level since early July, as optimism over renewed peace efforts in the Black Sea region reduced the geopolitical risk premium. US-mediated talks between Ukraine and Russia are scheduled for November 10-11 in Abu Dhabi, with technical teams from both countries and the US expected to participate. US President Donald Trump also suggested that the conflict could end soon following discussions with a Kremlin envoy, raising hopes for an agreement that could eventually restore grain shipments from the region, a major global agricultural supplier. However, the prospect of peace adds to existing downward pressure from strong global supply. Wheat prices have declined steadily since reaching a 3-1/2-year high of $7.67 on August 28, as production is expected to reach its second-highest level on record, supported by larger harvests in Australia and Argentina.