Wheat Prices Hold Near 3-Year Peak Amid Russia-Ukraine Tensions

The global wheat market remains under pressure due to ongoing tensions between Russia and Ukraine. Prices for wheat have held near $7.65 per bushel, a level not seen since early February 2023.

Russia-Ukraine conflicts are causing disruptions in global supplies, with over a quarter of the world's exports coming from these two countries. The market is also being affected by soaring prices due to persistent attacks on commercial vessels.

Additionally, Russia has suspended its floating export duty on wheat through 2026, as wheat exports fell more than 50% in August compared to last year. Turkey's president has stated that a mechanism is needed to ensure the safety of maritime transit, while Russia's foreign minister has disputed this need.