World wheat prices continued to fall from June 10 to 17. The reason is the entry of new harvests into the market, as well as the expected agreement between the US and Iran, which is planned to fully reopen the Strait of Hormuz.

The Rusagrotrans analytical center told Interfax that the world wheat market is mainly falling due to these two factors: the abundance of the new harvest, and expectations of the reopening of the strait.

In particular, analysts record a decrease in prices for the new harvest being exported from Russia. Instead, France and Germany made an exception, where the price of a ton of wheat rose by $5 and $1, respectively, in a week. Here the reason is the weather, as the expected heat can ruin the sown areas.

As for futures prices, here the fluctuations were in different directions.

The aforesaid analytical center recalled also that the US Department of Agriculture last week revised the forecast for the 2026/27 season (July-June) wheat harvest in Russia, increasing it by 2 million tons at once and bringing it to 88 million tons—excluding Crimea. The export forecast remained unchanged at 47 million tons.

In addition, the amount of wheat imports to Turkey—from 6 million to 5.5 million tons, Syria and Nigeria—due to reduced consumption—and Morocco—due to customs duties in effect in June and July—was reduced. Instead, due to increased consumption, the forecast for imports to Egypt increased by 1 million tons, amounting to 13.5 million tons.

World wheat prices are being affected also by the fact that the condition of winter and spring wheat, corn, and soybean acreages in the US has improved. According to Rusagrotrans, the winter wheat harvest there is proceeding significantly faster than expected.