Global Wheat Prices Fell by 12.7 Percent in September
Wheat prices in global commodity markets saw a significant decline in September due to peace expectations, favorable weather conditions, and weak demand.
In global commodity markets, wheat prices experienced a sharp decline in September due to expectations of potential peace between Russia and Ukraine, favorable weather conditions, and weakening demand, marking the fastest monthly drop since June 2024.
Details of the Sharp Decline in September
In global commodity markets, wheat prices faced significant selling pressure in September, with the price per bushel dropping by 12.7 percent.
Having lost 5.85 percent in January, wheat prices had followed a volatile course in the following months of the year due to geopolitical risks and weather conditions.
Price Changes Per Bushel
After climbing as high as $7.95 per bushel in September, wheat prices closed the month at the $6.75 level despite the declines experienced throughout the month.
Starting the year around the $5 level, wheat prices maintained a gain of approximately 35 percent compared to the beginning of the year, despite this sharp retreat in September.
Historical Comparison and Losses
This 12.7 percent drop in wheat prices recorded in September went on record as the fastest decline since the 15.5 percent monthly drop experienced in June 2024.
Key Factors Suppressing Prices
The strengthening possibility of peace between Russia and Ukraine directly affected market expectations regarding wheat supply in the Black Sea region.
Favorable climate conditions and weakening global demand also played a significant role in pushing prices downward.
Expert Evaluations
Futures and commodity markets expert Zafer Ergezen stated that positive relations between the US and Russia, rising supply expectations in the Black Sea, and the El Niño effect remaining lower than expected created pressure on prices.