Wheat futures fell to around $7.50 per bushel in early September, slipping away from a more than three-year high reached on August 28 as prospects for renewed grain shipments through the Black Sea eased supply concerns. Turkey said it is in talks with both Russia and Ukraine regarding the safe passage of grain exports and expressed its willingness to help revive the UN-backed agreement that previously facilitated Ukrainian grain shipments during the war. Wheat prices surged more than 16% in August as the Russia-Ukraine conflict severely disrupted grain flows through the Black Sea and the Sea of Azov, key export routes that historically handled roughly 70% of Russia’s grain exports. Meanwhile, renewed tensions in the Middle East have heightened concerns over potential energy supply disruptions from major oil-producing regions, driving crude oil prices higher and adding to broader uncertainty across commodity markets.