Wheat Prices Soar Amid Ongoing Conflict in Ukraine
The price of wheat has been volatile in 2026, but it remains in a bullish trend. As of May 28, 2026, nearby CBOT wheat futures were trading at $6.25 per bushel, with prices reaching a high of $7.1125 per bushel before correcting.
The weather, fertilizer supplies and prices, energy prices, Australian El Niño, and geopolitical events will determine wheat's price path over the coming weeks and months.
Russia and Ukraine are significant wheat producers, with Russia being the third-largest producer in 2022 and Ukraine ranking eleventh. Together, they produced more wheat than second-place India that year.
The ongoing war between Russia and Ukraine has escalated, with Russia closing its export artery to protect it. This could prevent 5-10 million tons of wheat from passing through the Kerch Strait, creating shortages and supply fears that push wheat prices substantially higher.