Wheat futures are enduring their longest weekly losing run in nearly three decades.
Wheat had led gains across agricultural commodity markets earlier this year, but the trend has now reversed dramatically.
In September, attacks on vessels and infrastructure in the Black Sea region escalated, disrupting exports from Ukraine and Russia and driving wheat prices to their highest levels since 2023.
Although disruptions in the Black Sea region persist, the risk premium in the market has begun to fade as the Trump administration seeks to push forward peace negotiations between Moscow and Kyiv.
In addition, Russian wheat export volumes have increased, including shipments through Baltic Sea ports.
At the same time, demand for wheat from some major importing countries has been lackluster.
Data from the US Department of Agriculture show that export sales of US soybeans, corn and wheat all declined in the week ending October 15.
Naomi Blohm, an analyst at Total Farm Marketing, noted: "Global importers may be choosing to wait and see whether a peace agreement can be reached in the Black Sea region."
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