FX.co ★ Wheat Market Falls as Black Sea Supply Hopes Grow

Wheat futures declined to about $7.00 per bushel, the lowest level since August 25 and more than 8% below the 3‑1/2‑year high of $7.67 reached on August 28, amid stepped-up diplomatic efforts to resume grain exports via the Black Sea. Ukrainian President Volodymyr Zelenskiy said India, Turkey, Egypt, and several Middle Eastern countries are participating in talks to reopen shipping corridors, while Turkey has submitted maritime security proposals to Moscow. A ceasefire could enable Russia to quickly restore up to 80% of its Black Sea grain-terminal capacity.

As of September 1, Ukraine’s grain stocks stood at 24.6 million metric tons, up 10 million tons from a year earlier, although ongoing attacks on ports and vessels continue to disrupt exports. Importers across Asia, the Middle East, and Africa have increasingly turned to alternative suppliers. France recently shipped 60,000 tons of wheat to Yemen, and Argentina’s export commitments have climbed to their highest level in five years for this stage of the marketing season.