Global wheat prices hit two-month low amid supply increases

Global wheat prices have declined to a two-month low, with prices per bushel dropping to approximately 6.55 USD. This downward trend follows increased export expectations from Russia and strong harvest forecasts from Australia.

In Russia, analysts anticipate a significant rise in wheat exports, with some projections suggesting shipments could reach 3 million tons in October. Despite ongoing security risks and maritime attacks in the Black Sea region, Russia has begun utilizing alternative routes, including Baltic Sea ports, to maintain grain shipments.

Simultaneously, market participants are monitoring Australia's upcoming season, where strong production estimates are expected to add further supply pressure to the international market.