Ukraine's Port Blockade Continues to Weigh on Global Wheat Markets

The global wheat market continues to be affected by the ongoing conflict in Ukraine. Despite the cessation of sea exports from Ukraine, wheat prices on stock exchanges have not yet reacted as expected. The supply of new crop wheat is increasing, and the continuation of sea exports from Russian Black Sea ports is putting pressure on market quotes.

According to recent data, September wheat futures fell by 1.4% to $239.2/t for soft winter SRW wheat in Chicago, by 1.7% to $263.5/t for durum HRW wheat in Kansas City, and by 1.6% to $255.4/t for spring HRS wheat in Minneapolis.

The US has harvested 86% of its winter wheat area as of August 2, with the remaining 14% expected to be harvested soon. However, wheat exports from the US have decreased significantly, amounting to 27.4% less than the previous season.