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Chicago and French wheat futures each fell about 4% over the week as traders took profit after the Black Sea-driven rally. Russian wheat offers were steady to slightly lower near $235-237/t, while higher freight and insurance costs cut into exporter margins.
Australian cash prices diverged by region, with the dry northern belt firming.
Futures are shedding war premium, but physical shipping constraints and rising freight costs keep wheat exposed to another sharp move if export terminals are hit. Regional divergence in Australia reflects crop conditions rather than global direction.
farmonline.com.auAndrew Whitelaw, Episode 3Jul 29, 2026Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
