• ANZ analysis flagged renewed global grain supply risks from drought in major producers, echoing drivers behind the 2022 price surge.
• Dry conditions in the US and Europe cut output prospects, with high-protein wheat most affected.
• Black Sea conflict-related disruption constrained exports from Ukraine and Russia, tightening global trade flows.
• Softer demand growth since 2022, with relatively comfortable wheat carry-over stocks, helped limit price reactions despite supply concerns.
• Australia’s winter crop outlook improved, raising prospects for another large harvest, with hard wheat positioned to benefit from global shortages.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. ANZ Group Holdings Limited published the original content used to generate this news brief on September 11, 2026, and is solely responsible for the information contained therein.