Wheat prices fell by 1.8-2.8% amid the cessation of the Israel-Iran war and improved wheat harvest forecasts in Russia

On Monday, wheat prices partially offset last week’s speculative increase of 4-5.6%, caused by the start of an open war between Israel and Iran, as a result of statements about a ceasefire and increased wheat harvest forecasts in Russia. The Argus agency has increased its forecast for the Russian wheat harvest in 2025 by 4.5 million tons to 84.8 million tons, while the USDA estimates it at 83 million tons. The Rusagrotrans analytical center predicts that, thanks to increased yields, the Russian Federation will be able to harvest from 85 to 90 million tons of wheat, given the 27 million hectares of sown areas. July US wheat futures fell yesterday: September wheat futures on the Paris-based Euronext exchange fell 1.8% yesterday to €204.25/t or $237/t (+2% for the week). Traders reduced the number of wheat contracts and recorded profits, but after the exchanges closed, the USDA report was released, confirming the delay in the harvest of winter wheat in the US due to rains. As of June ...