FX.co ★ Wheat Futures Fall on Black Sea Export Hopes

Wheat futures retreated to around $7.50 per bushel in early September, pulling back from a more than three-year high hit on August 28, as improving prospects for renewed grain shipments via the Black Sea eased supply concerns. Turkey announced it is in talks with both Russia and Ukraine on ensuring the safe passage of grain exports and signaled its readiness to help restore the UN-backed deal that previously enabled Ukrainian grain shipments during the war.

Wheat prices had jumped more than 16% in August after the Russia-Ukraine conflict severely disrupted grain flows through the Black Sea and the Sea of Azov—critical export corridors that historically handled about 70% of Russia’s grain exports. At the same time, renewed tensions in the Middle East have intensified worries over potential energy supply disruptions from major oil-producing regions, pushing crude oil prices higher and adding to broader uncertainty across commodity markets.