Wheat futures climbed back above $6.05 per bushel, staging a modest rebound from a 16‑week low of $5.99 reached on October 28, after reports that China had inquired about purchasing US soft red winter wheat for delivery next year. The move by state-owned trading company Cofco signals that recent US–China trade talks and potential tariff reductions could pave the way for broader agricultural buying.
Beijing has pledged to step up purchases of US farm products, but progress beyond soybeans has been limited. No US wheat or corn sales to China have been recorded so far in the current marketing year.
Wheat prices have been trending lower since touching a 3‑1/2‑year high of $7.67 on August 28, pressured by expectations that global output will reach its second-highest level on record. Larger harvests in Australia and Argentina are further bolstering world supplies.
Sentiment has also been dampened by hopes for renewed Russia–Ukraine peace talks, which have lifted expectations for an eventual improvement in Black Sea grain flows. Even so, continued attacks in the region keep supply risks elevated and could still disrupt trade routes.
