Wheat Hits 22-month High

Wheat futures rose to $6.33 per bushel, an eleven-month high, as severe drought across the US Great Plains threatens supply. Around 90% of Nebraska and Oklahoma are affected, with more than half of Nebraska in extreme drought, putting pressure on winter wheat crops and forcing livestock producers to cut herds and rely on expensive feed. Dry conditions are expected to continue, with rainfall forecasts closely watched for relief during the critical spring growing period. Meanwhile, the USDA left winter wheat ratings unchanged at 30% good to excellent, below expectations and the weakest for this time of year since 2023, with conditions in key state Kansas also slightly worse. About 70% of the crop is in drought areas, while spring wheat planting is progressing more slowly than average due to limited fieldwork days. On the demand side, Saudi Arabia purchased nearly one million tons of wheat in a tender.

Wheat increased to 625.50 USd/Bu, the highest since June 2024. Over the past 4 weeks, Wheat gained 2.81%, and in the last 12 months, it increased 23.39%.

Wheat increased to 623.50 USd/Bu, the highest since March 2026. Over the past 4 weeks, Wheat gained 2.67%, and in the last 12 months, it increased 23.23%.