Wheat Rallies on Weather, Fertilizer Concerns

2026-04-17 06:12 By Joshua Ferrer 1 min. read

Wheat futures held around $6 per bushel, near a fourteen-month high and on track for a roughly 5% weekly gain, the strongest rise in nearly two months as persistent weather risks and fertilizer shortages tied to the Iran conflict fueled supply concerns.

Drought is expected to linger across the US Great Plains, particularly in hard red winter wheat regions, while dry conditions in parts of the Black Sea and Europe continue to weigh on crop prospects.

In Australia, limited farm inputs and ongoing dryness are set to push planting acreage to multi-year lows, raising concerns for a key global exporter.

Fertilizer supply disruptions due to tensions involving the US and Iran, are further supporting prices, especially with the Strait of Hormuz still largely closed.

While ample global supplies may limit gains, risks to output in Australia and Argentina could provide additional upside.

Meanwhile, US wheat export sales totaled 231,300 metric tons for the week ended April 9, within expectations.



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Wheat Rallies on Weather, Fertilizer Concerns
Wheat futures held around $6 per bushel, near a fourteen-month high and on track for a roughly 5% weekly gain, the strongest rise in nearly two months as persistent weather risks and fertilizer shortages tied to the Iran conflict fueled supply concerns. Drought is expected to linger across the US Great Plains, particularly in hard red winter wheat regions, while dry conditions in parts of the Black Sea and Europe continue to weigh on crop prospects. In Australia, limited farm inputs and ongoing dryness are set to push planting acreage to multi-year lows, raising concerns for a key global exporter. Fertilizer supply disruptions due to tensions involving the US and Iran, are further supporting prices, especially with the Strait of Hormuz still largely closed. While ample global supplies may limit gains, risks to output in Australia and Argentina could provide additional upside. Meanwhile, US wheat export sales totaled 231,300 metric tons for the week ended April 9, within expectations.
2026-04-17
Wheat Futures Rise Toward 9-Month High
Wheat futures rose more than 2% to $6.07 per bushel, the highest since a nine-month high of $6.16 hit on March 31, as concerns grew that drought-stressed crops in the US Plains could face frost risks this weekend. The affected region accounts for nearly a third of US wheat production and a large share of hard red winter wheat. While earlier forecasts of rain had pressured prices, uncertainty over how much moisture will reach the driest areas and the arrival of colder weather renewed supply concerns. These concerns have offset pressure from ample global supplies and generally favorable growing conditions elsewhere. Traders are also watching possible disruptions to fertilizer supply from the Gulf. Meanwhile, US wheat export sales totaled 231,300 metric tons for the week ended April 9, within expectations, with South Korea among the top buyers.
2026-04-16
Wheat Futures Rebound from 5-Week Low
Wheat futures rose to $5.87 per bushel, rebounding from a near five-week low of $5.71 on April 10, as higher oil prices lifted concerns over fuel and fertilizer costs following the collapse of US-Iran talks and the risk of a blockade of the Strait of Hormuz. Crude surged roughly 8% to above $100 per barrel as the US Navy prepared potential action that could disrupt Iranian shipments. Elevated input costs are raising fears that farmers may scale back wheat planting, a crop that requires relatively heavy fertilizer use. The USDA recently projected US wheat acreage at the lowest level since records began in 1919, while drought across key growing regions has further pressured outlooks, with just 35% of winter wheat rated good to excellent. Still, wheat futures fell more than 5.5% in the past two weeks on expectations of ample supply.
2026-04-13