FX.co ★ Wheat Hits 1-Month Low

Wheat prices slipped below $7 per bushel in late September, hovering near their lowest level since August 25, as traders digested new details of the US–China trade agreement, including planned tariff cuts on agricultural imports. Both countries announced that they would reduce tariffs on roughly $30 billion worth of imports from each side, covering a wide range of US farm products, including wheat. They also agreed to set up an agricultural working group to support future negotiations and enhance market access.

However, market participants are still waiting for concrete evidence of larger Chinese purchases. Progress remains limited on a separate commitment made at the Trump–Xi summit in May, when China pledged to buy an additional $17 billion in US agricultural goods.

Beyond US–China trade, traders also kept a close watch on Black Sea export routes after Ukrainian President Volodymyr Zelenskiy said that India, Turkey, Egypt, and several Middle Eastern countries were involved in efforts to restore safe shipping through the region.