Wheat Prices Fall as US Weather Improves, Black Sea Exports Remain Disrupted

US wheat prices have fallen to around $7.2 per bushel, dropping below the 3-1/2-year high of $7.67 reached on August 28.

The price decline is attributed to improving weather conditions in parts of the US Plains, where recent rainfall has enhanced topsoil moisture and germination prospects.

According to the USDA, planting progress remains behind average at 17% complete versus the five-year average of 21%, with Kansas at 10% planted, Oklahoma at 4%, and Texas at 21%.

Meanwhile, the ongoing conflict between Russia and Ukraine continues to disrupt Black Sea grain exports, affecting seaborne shipments and prompting Russia to redirect grain through Baltic and Arctic terminals.