Wheat prices fell below $6.70 per bushel in mid-October, their lowest level since August 18, after US President Donald Trump announced a ceasefire that raised hopes for a truce in the Black Sea region. Trump said Russia and Ukraine had agreed to an immediate “energy ceasefire,” while Ukrainian President Volodymyr Zelenskyy stated that Kyiv supports the initiative but is “awaiting details.”
Market participants are now watching for confirmation from both Moscow and Kyiv, as well as any indication that this agreement could lead to a broader easing of tensions. Russia and Ukraine together account for more than a quarter of global wheat exports, making the Black Sea a critical corridor for international supply.
At the same time, Asian wheat millers are trimming forward purchases amid rising prices and continuing disruptions in the Black Sea, which remains one of the world’s key exporting hubs. According to traders and processors, some millers in Southeast and South Asia are limiting coverage to their requirements through December, or even closer to actual delivery dates.
