Wheat Prices

Wheat prices averaged USD 649 cents per bushel in July, up 10.0% from June. On 31 July, the commodity traded at USD 639 cents per bushel, up 10.1% from 30 June.

In July, wheat prices rebounded to an over two-year high following the collapse of the U.S.–Iran ceasefire and shipping disruptions in the Black Sea region, the latter sparked by Russian attacks on Ukrainian vessels and infrastructure plus Ukrainian attacks on Russian ports in the Azov Sea. The supply panorama was also weakened by drought in the Northern hemisphere. Nevertheless, soft demand from key import markets, including paused purchasing activity from key buyer Egypt, prevented a sharper price rise.