FX.co ★ Wheat Futures Rise as Supply Concerns Persist

Wheat prices climbed to about $6.40 per bushel, holding above the four-week low hit on August 6, as mounting worries over tightening global supply outweighed improving crop prospects in Australia. Exports from the Black Sea region remain disrupted by intensified attacks on port infrastructure linked to the Russia–Ukraine war, while severe heatwaves across the US, Canada, and Europe have deepened concerns about crop yields and quality. In France, extreme temperatures are expected to curb wheat output, and Canadian wheat acreage has fallen from a year earlier. By contrast, timely rainfall across key growing regions in New South Wales, Queensland, and Victoria has lifted yield expectations, prompting Rabobank to raise its Australian wheat production forecast to as much as 30 million tons. Bendigo Bank Agribusiness has also upgraded its outlook to around 30 million tons, with potential output seen reaching up to 33 million tons.