Wheat Market Levels Off Below Three-Year High

The global wheat market has stabilized around $7.30 per bushel, holding below its three-and-a-half-year high of $7.67 reached on August 28.

Traders are assessing the impact of diplomatic efforts to end the Russia-Ukraine war, which has weighed on prices due to hopes for a negotiated settlement.

The latest USDA supply and demand report revealed slightly higher-than-expected global ending stocks, encouraging profit-taking among investors with large long positions.

However, the same report lowered its 2026/27 export forecasts for Russia and Ukraine, cutting Russian shipments by 3 million metric tons to 43 million tons and Ukrainian exports by 1 million tons to 12.5 million tons.