Wheat Futures Rise as Supply Concerns Persist

Wheat prices rose to around $6.40 per bushel, remaining above a four-week low reached on August 6, as concerns over tightening global supplies outweighed improved crop prospects in Australia. Grain exports from the Black Sea region have been disrupted by intensified attacks on port infrastructure linked to the Russia–Ukraine war, while severe heatwaves across the US, Canada, and Europe have heightened concerns over crop yields and quality. In France, extreme temperatures are expected to reduce wheat production, while Canadian wheat acreage has declined from a year earlier. Meanwhile, timely rainfall across key growing regions in New South Wales, Queensland, and Victoria has boosted yield expectations, prompting Rabobank to raise its production forecast to as much as 30 million tons. Bendigo Bank Agribusiness has also upgraded its outlook to around 30 million tons, with output potentially reaching 33 million tons.

Register a Revolut Business Account