Wheat Prices

Wheat prices averaged USD 543 cents per bushel in July, up 0.2% from June. On 31 July, the commodity traded at USD 523 cents per bushel, down 1.0% from 30 June.

Wheat prices averaged near June’s level in July and well below the level seen over the past five years, due to sluggish demand for U.S. grain. Moreover, the supply outlook remained upbeat: The U.S. Department of Agriculture continued to expect stronger supply year on year both in the U.S. and globally in the 2025/26 marketing year, as well as a wide market surplus. Still, plunging Russian exports—amid a severe drought and a weak ruble—will have restrained supply somewhat and provided some support to prices.