US wheat futures for December delivery edged up 0.20% to $6.846 per bushel as of 10:24 Baku time. The slight price rebound follows a steep drop recorded throughout September.
Sharp September Drop Follows Multi-Year Highs
According to analytical center Farm Futures, soft red winter wheat futures dropped approximately 13% in September. This marked the steepest monthly decline since June 2024. In contrast, wheat futures had reached a three-year peak of $7.95 per bushel earlier in September.
Weak Export Demand and Stiff Competition Limit Gains
Subdued foreign demand and rising competition across global markets remain the primary factors pressuring US wheat prices. Mike Castle, an analyst at StoneX, noted that US wheat exports began the current season at their slowest pace in three years.
A report by Rusagrotrans indicated that US wheat prices in seaborne trade fell by $9 per ton between September 29 and October 7, reaching $287 per ton.
Black Sea Shipping Risks Continue to Loom
Attacks on merchant vessels in the Black Sea also persist as a key risk factor influencing wheat quotations. Consequently, despite the modest uptick in US wheat futures, sluggish international demand and fierce market rivalry continue to exert downward pressure on prices.
