Business · Energy & Commodities · 21 hrs ago
Wheat posts eighth straight weekly fall, longest losing streak since 1997
Chicago wheat futures fell for an eighth straight week, their longest weekly losing streak since 1997.
The drop reverses a rise earlier this year, when disruptions to Black Sea shipping and infrastructure raised concerns about exports from Russia and Ukraine.
Prices have eased as market worries about supply have receded, even though Black Sea disruptions continue.
More Russian wheat is being shipped by alternative routes, and US wheat sales were weaker than expected.
Harvests in Australia and Argentina are adding to near-term supply, while global production is expected to be the second-highest on record.
The decline's duration is uncertain, but farmers in Russia and Ukraine are expected to plant less wheat for next year's crop.
Ukraine's agriculture minister has forecast an 18% drop in winter wheat planting.
Chicago wheat futures are set for an eighth straight weekly decline, their longest losing streak since 1997.
The most active Chicago wheat contract was down 4.7% for the week, though it rose as much as 1.1% on Friday.
Prices have fallen as concerns about Black Sea supply eased and exports through alternative routes increased.
Wheat harvests are accelerating in Australia and Argentina, adding to near-term supply.
Ukraine’s agriculture minister forecast an 18% decline in winter wheat planting this week.
- Who
- Wheat futures traders and market participants.
- What
- The most active Chicago wheat contract is heading for an eighth consecutive weekly decline, the longest such streak since 1997.
- When
- The week of October 23, 2026.
- Where
- Chicago wheat futures; the article also discusses supply from the Black Sea region, Australia and Argentina.
- Why
- The market’s risk premium has eased amid efforts to start peace talks between Russia and Ukraine, more Russian exports using alternative routes, and expectations of strong global production.
This story does not have two clearly opposing sides.
Wheat prices rose to their highest level since 2023 amid escalating attacks on ships and infrastructure in the Black Sea.
US net wheat sales came in below expectations.
The most active Chicago wheat contract was down 4.7% for the week and was on track for an eighth consecutive weekly decline.
- Weekly decline
- 4.7% for the most active Chicago wheat contract
- Losing streak
- Eight consecutive weeks
- Previous comparable streak
- 1997
- US net sales period
- Week ended October 15
- Ukraine winter wheat planting forecast
- Down 18%
3 sources
What people are saying
World importers may prefer to wait and see whether a peace agreement can be reached in the Black Sea region