Wheat futures eased to about $7.20 per bushel, retreating further from the 3½-year high of $7.67 hit on August 28, as improving weather across parts of the US Plains alleviated worries about winter wheat conditions. According to the USDA, recent rainfall in the northern and central Plains has enhanced topsoil moisture and bolstered prospects for germination, though planting progress remains behind schedule at 17% complete, compared with the five-year average of 21%. By state, Kansas was 10% planted, Oklahoma 4%, and Texas 21%.
At the same time, ongoing hostilities between Russia and Ukraine continue to cast uncertainty over the outlook for Black Sea grain exports, with repeated strikes on vessels and port infrastructure keeping seaborne shipments heavily disrupted. Russia has stepped up efforts to reroute grain exports through Baltic and Arctic terminals, but overall volumes still trail typical Black Sea levels. Traders are also watching diplomatic developments at the UN and the upcoming Trump–Xi meeting for any signals that could influence global energy flows and Chinese demand for agricultural commodities.
