US Wheat Futures Correct After Tuesday's Rally Amid Ongoing Conflict

The US wheat futures market saw a correction on Wednesday as traders booked profits following Tuesday's rally.

Optimism grew over diplomatic efforts to end the conflict between Russia and Ukraine, which has been disrupting grain movement through the Black Sea.

Canadian wheat ending stocks as of July 31, 2026, reached their highest level since the 2017-18 marketing year at 6.6 million tonnes, a 57 per cent increase from the same time last year, according to Statistics Canada.

The US spring wheat harvest was 86 per cent complete by Sunday, three points ahead of normal, while US winter wheat seeding lagged behind its five-year average with only two per cent completed.