Wheat Prices

Wheat prices averaged USD 575 cents per bushel in September, up 9.1% from August. On 30 September, the commodity traded at USD 584 cents per bushel, up 9.6% from 30 August.

A weaker supply outlook drove September’s price rise. Russian export prices rose as winter wheat plantings fell to an 11-year low in the country’s southern district due to a prolonged drought. Additionally, Ukrainian exports declined in the month, and the country’s harvest was reportedly smaller than anticipated. Adverse weather in Australia exacerbated these production concerns. On the demand side, expectations of surging U.S. exports likely added further upside pressure to prices.