Wheat Prices

Wheat prices averaged USD 578 cents per bushel in February, up 6.1% from January. On 28 February, the commodity traded at USD 537 cents per bushel, down 4.0% from 31 January.

Average wheat prices rose in February, as adverse weather in the Black Sea region sparked supply fears. Additionally, markets braced for a China–U.S. trade war, pushing up prices further. Meanwhile, Russia’s tariff quota came into effect in mid-February and will remain in place until end-June, further straining supply. That said, prices eased toward the end of the month; demand showed signs of weakness, as U.S. exports fell sharply in mid-February, and favorable weather in the U.S. assuaged supply concerns.