Global wheat futures rose sharply last week amid reduced prospects for the resumption of wheat exports from Ukraine and Russia. September soft red winter wheat in Chicago increased 11.2% to $278/t, while Kansas City hard red winter wheat gained 9.2% to $301.4/t. Euronext soft wheat rose 4.2% to €237/t ($275/t). However, the rally has not yet translated into a comparable increase in Ukrainian physical prices.
Export purchase prices at Ukrainian Danube ports remained at UAH 8,000–8,500/t ($160–170/t) for food wheat and UAH 7,500–8,000/t ($150–155/t) for feed wheat, constrained by shelling risks and higher logistics costs. Demand on the Ukrainian-Romanian border increased by $2–5/t to $150–155/t, while delivered prices to Constanta rose $10–15/t to $245–255/t.
U.S. wheat exports reached only 4.78 million tonnes from June 1 to August 27, down 28.4% year on year, indicating weak demand despite the futures rally. Turkey is pressing for a Black Sea shipping corridor, warning that prolonged supply delays could raise processor costs. Further diplomatic developments may influence futures and Constanta pricing.