Wheat Soars to Highest Level in Three Years as Black Sea Crisis Deepens — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil rises 0.6% to $87.55 a barrel.

--European benchmark gas rises 3.1% to 67.85 euros a megawatt-hour.

--Copper futures fall 0.1% to $14,233.00 a metric ton.

--Gold futures fall 0.3% to $4,638.39 a troy ounce.

TOP STORY:

Wheat Soars to Highest Level in Three Years as Black Sea Crisis Deepens

Wheat prices hit a three-year high as escalating Russia-Ukraine tensions in the Black Sea strangle exports from one of the globe's most important grain-growing regions.

Chicago contracts rose by their daily limit of 45 cents a bushel Wednesday, before rising further Thursday. Wheat last traded up 0.9% for the session at $7.55 a bushel, on pace for its highest close since July 2023. The latest price jump extends a sharp run up in prices for the commodity, with Chicago contracts trading around 30% above their end of June low.

OTHER STORIES:

Greatland Resources' Current Focus on Organic Growth Pipeline, MD Says

Greatland Resources will focus on developing its organic growth projects over paying dividends or pursuing more acquisitions, even as the gold and copper producer benefits from a record-breaking rally in metal prices, its managing director said.

Speaking in an interview after Greatland's annual results on Thursday, Shaun Day said that while he likes the idea of paying dividends, an expansion of the company's Telfer operation and the development of its Havieron project are key to generating the best returns for investors.

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The $2 Billion Brawl Over a Ruinous Wood-Pellet Trade

The fight for restitution is on at a fallen green-energy giant, following one of the most disastrous commodity trades of the decade.

The ill-fated wood-pellet trades that bankrupted Enviva during the sustainable-investing boom were made by executives hoping to trigger their own bonuses, according to creditors who are seeking more than $2 billion in damages

MARKET TALKS:

East of Suez Ammonia Prices Slide as Indian Demand Weakens -- Market Talk

1240 GMT - Ammonia prices across East of Suez markets have fallen more than 40% from their April peak as weak Indian demand overtakes earlier supply concerns, S&P Global Energy says. The Middle East supplied about 80% of India's ammonia imports in 2025, and conflict-related disruptions earlier this year had pushed ammonia prices delivered to Indian ports to a record $885 a metric ton. By August, prices had fallen to around $500 a ton on both coasts as weaker buying and a sulfur shortage shifted the market from a supply-driven rally to a demand-driven decline. (farhan.rafid@wsj.com)

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Oil Turns Positive as Investors Weigh Diplomatic Push, Physical Tightness -- Market Talk

1148 GMT - Oil prices nudge up in afternoon European trade, reversing earlier losses. Brent crude for October delivery rises 0.7% to $88.46 a barrel, while WTI edges up 0.2% to $82.38 a barrel. Market focus has shifted to diplomatic efforts to reopen the Strait of Hormuz this week, but the physical market remains far from normal, Saxo analyst Ole Hansen writes. "The market is trading the prospect of improving supply conditions well before those improvements have actually materialized." Benchmark Brent prices remain down around 7.5% for the week, as investors hope that talks between Iran and Oman will lead to a partial reopening of the strait. (josephmichael.stonor@wsj.com)

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Palm Oil Falls on Weaker Sentiment -- Market Talk

1052 GMT - Palm oil finished the Asia session lower, a move Kenanga Futures attributes to overnight weakness in rival edible oils and subdued demand for exports in August. As palm oil nears parity with soybean oil, its narrowing price advantage has also reduced its competitiveness, softening buying interest, it adds. The Bursa Malaysia Derivatives contract for November delivery erased earlier gains to fall 38 ringgit to 4,814 ringgit a ton. (kimberley.kao@wsj.com)

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Copper Falls as Dollar Strengthens -- Market Talk

0746 GMT - Copper moves slightly lower in morning European trade after the U.S. dollar strengthened and hit investor appetite, ANZ analysts write. Additionally, there are signs that a supply squeeze might be easing given the premium for spot copper over three-month futures has fallen, they say. However, globally inventories continue to be drawn down, they caution. The market is on edge as it awaits an announcement from the White House on plans for tariffs on imported refined copper, they add. This worry has triggered a flow of copper into the country in recent months. Three-month LME futures fall 0.3% to $14,219 a metric ton. (adam.whittaker@wsj.com)

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Oil Pulls Back on Improved Chance of Strait of Hormuz Reopening -- Market Talk

0743 GMT - Oil prices retreated as analysts remain cautiously positive that talks between the Oman and Iran could reopen the Strait of Hormuz. In early European trade, Brent crude for October delivery fell 1.4% to $86.66, while WTI contracts slipped 1.6% to $80.94. Prices are in line with oil levels Wednesday morning. Iranian state-run media said Iran's military reached an agreement with Oman on revenue sharing, though officials said a deal wouldn't lead to reopening of the strait--something that would require U.S. involvement, ANZ analysts write. Saudi Arabia is also showing signs of greater oil loadings in the Persian Gulf, though concerns over shortages remain, the analysts say. (josephmichael.stonor@wsj.com)

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Gold Trades Flat With Limited Downside on Debasement Trade -- Market Talk

0733 GMT - New York gold futures trade flat at $4,654.70 a troy ounce in morning European trade. The market remains stuck between expectations of higher U.S. interest rates, which would weight on non-yielding assets like gold, and worries over U.S. debt. While higher rates could hit gold prices, the downside looks limited as the debasement trade continues to attract investor buying, ANZ analysts write. The debasement trade means buying assets expected to hold their value against the weakening of the dollar and other fiat currencies.(adam.whittaker@wsj.com)

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Iron-Ore Prices Mixed Across Contracts -- Market Talk

0213 GMT - Iron-ore prices across contracts are mixed in early Asian trade. The most actively traded January iron-ore contract on the Dalian Commodity Exchange is flat at 718.5 yuan a ton. Although arrivals of the steelmaking material at Chinese ports have eased, overseas mining companies have ramped up shipments, keeping supply at a high level, Baocheng Futures says in a research note. Amid weak overall demand in China, iron-ore prices remain under pressure, it says. On the positive side, high ocean freight-shipping rates give some support to the commodity, it adds. (sherry.qin@wsj.com)

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Mineral Resources Dividend Dwarfs Expectations -- Market Talk

0203 GMT - Mineral Resources' FY 2026 result is a strong one, with earnings a small beat and its dividend reinstated at a much higher level than anticipated, Barrenjoey says. The miner declared a dividend of A$0.83, while Barrenjoey had forecast A$0.50 and consensus was at just A$0.07, the bank says. That "should be taken positively," says Barrenjoey. "FY27 guidance also broadly better than market expected across the board, with Wodgina a strong beat on volume and costs, and capex slightly better on a like-for-like basis," it says. The bank has an overweight rating and a A$73.00 target on Mineral Resources. Shares initially jumped as high as A$70.87 but have tumbled through the morning in Sydney to recently trade down 2.1% at A$65.51. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

August 27, 2026 09:30 ET (13:30 GMT)

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