Wheat Prices

Wheat prices averaged USD 551 cents per bushel in March, down 4.8% from February. On 31 March, the commodity traded at USD 537 cents per bushel, unchanged from 28 February.

Wheat prices lost ground in March on the back of expectations of easing supply shocks after the U.S. announced that Ukraine and Russia had agreed on a ceasefire in the Black Sea. Moreover, the USDA raised its projections for both U.S. and global supply in 2024/25. Meanwhile, market sentiment was dampened by the ongoing U.S. trade war; China introduced a 15% retaliatory tariff on U.S. wheat imports in March, and other countries hit by Trump’s tariffs could respond similarly, further weighing on prices.