Wheat futures are heading toward their longest streak of weekly losses in nearly three decades, marking a sharp reversal for a grain that led a surge in agricultural commodity prices earlier this year.
According to global agencies, worldwide production is expected to reach the second-highest level on record, easing broader concerns over supplies. However, slowing exports through the Black Sea region could affect production over the longer term.
Wheat prices rose in September to their highest levels since 2023 after escalating attacks on ships and infrastructure in the Black Sea disrupted exports from Ukraine and Russia.
The two countries are among the world’s largest wheat exporters. Supply shortages caused by the disruption to exports prompted several countries to scramble for alternative sources, driving prices higher and raising concerns over food-price inflation.
Despite continued disruptions in the Black Sea, the market’s risk premium has begun to ease as the Trump administration seeks to launch peace talks between Moscow and Kyiv.
Increasing volumes of Russian wheat have also begun reaching global markets through alternative export routes, including ports along the Baltic Sea.
Demand for wheat from some major exporters has shown relative weakness, with U.S. net sales for the week ending October 15 falling below expectations.
The most-active wheat contracts on the Chicago Board of Trade fell 4.7% over the week, putting them on track for an eighth consecutive weekly decline. If confirmed, this would mark the longest losing streak since 1997, despite prices rising as much as 1.1% on Friday.
