Global Wheat Hits a Six Week High as Kerch Strait Closure and Lower US Stocks Drive Gains

Global wheat prices climbed past 6 dollars a bushel on Friday, July 10, 2026, reaching their highest level in about six weeks. Two main drivers lifted prices: the closure of the Kerch Strait, the narrow passage between the Black Sea and the Sea of Azov, amid Russia-Ukraine tensions, and US Department of Agriculture data showing lower wheat stocks.

Roughly a third of the wheat exports of Russia, the world's largest exporter, flow through the Sea of Azov. The move matters for Iran, a major importer of wheat and animal feed: costlier global grain can feed through to import costs and domestic food inflation.