Wheat prices fluctuated around $6.40 per bushel, leaving them more than 10% below the two-year high of $7.08 reached on July 22, as weaker Russian prices, subdued international demand and alternative export routes reduced immediate concerns over Black Sea disruptions. Broader sentiment also improved on hopes that shipping through the Strait of Hormuz could be restored more smoothly after Pakistan said the U.S. and Iran were "close to some sort of arrangement" to reduce tensions. Supply risks have not disappeared, however, with Ukraine and Russia continuing to target each other's shipping routes. Ukraine has lowered its 2026/27 grain export forecast by up to 12% from its previous estimate, while consultancy IKAR cut its forecast for Russian wheat exports to 44.5 million tonnes and Sovecon said August shipments could fall to their lowest level in a decade. Traders are now awaiting the U.S. government's latest crop forecasts on Wednesday.