As we've -- sorta -- strayed from the topic of PRICES... let's talk about RISING COST OF WHEAT:
Wheat prices were up almost 3%, to $7.8 per bushel , at market opening on Monday 25 July 2022. Presumed cause: Russia attacked the sea port of Odessa (Ukraine) on Saturday & Sunday 23-24 July 2022. Note that missiles did not strike the port's grain storage area.
At market close on Friday 22 July 2022, wheat prices had declined by nearly 6%, to the lowest level since 24 February 2022.
A few days ago, Russia and Ukraine signed an agreement to resume grain exports from Ukrainian ports in the Black Sea, via a "safe trade corridor" that would be managed by the good offices of Turkey. The safe trade corridor will allow Ukraine to export over 20 million tonnes of grain reported to be accumulated in port silos since the war started on February 24, while also clearing stockpile space for the coming wheat harvest.
However, the USDA predicts a sharp increase in the supply, exports, and ending stocks in the United States, and a decrease in consumption for the rest of the world for the 2022/23 marketing year.