Wheat Holds at 2-Month Low
Wheat hovered around $6.6 per bushel, the lowest in two months and more than 13% below the 3-1/2-year high of $7.67 reached on August 28, as rising Russian export volumes and expectations of a strong Australian harvest weighed on the market. Traders have largely overlooked renewed Black Sea shipping attacks, focusing instead on Russia’s growing use of Baltic ports after disruptions forced southern terminals to suspend much of their activity. Rusagrotrans expects Russian wheat exports to reach 3 million tonnes in October, while other analysts have also revised forecasts higher, reflecting the pace of shipments. Meanwhile, early crop assessments in Victoria suggest Australia could produce a substantially larger wheat harvest, potentially easing supply pressures for buyers in Southeast Asia and the Middle East. However, dry conditions are limiting yields in parts of northeastern Australia, and renewed Russian-Ukrainian attacks have clouded prospects for restoring Black Sea exports.
Wheat hovered around $6.6 per bushel, the lowest in two months and more than 13% below the 3-1/2-year high of $7.67 reached on August 28, as rising Russian export volumes and expectations of a strong Australian harvest weighed on the market. Traders have largely overlooked renewed Black Sea shipping attacks, focusing instead on Russia’s growing use of Baltic ports after disruptions forced southern terminals to suspend much of their activity. Rusagrotrans expects Russian wheat exports to reach 3 million tonnes in October, while other analysts have also revised forecasts higher, reflecting the pace of shipments.
Meanwhile, early crop assessments in Victoria suggest Australia could produce a substantially larger wheat harvest, potentially easing supply pressures for buyers in Southeast Asia and the Middle East. However, dry conditions are limiting yields in parts of northeastern Australia, and renewed Russian-Ukrainian attacks have clouded prospects for restoring Black Sea exports.