Wheat Hits 11-week Low

Wheat futures rose toward $5.9 per bushel in early July, moving away from a near four-month low reached on June 29 after USDA reports highlighted lower wheat stocks and reduced acreage. The USDA reported June 1 wheat stocks of 920 million bushels, missing expectations. Its closely watched annual acreage report also showed US wheat plantings at 42.740 million acres, undershooting forecasts. Collectively, the reports reinforced expectations of tighter wheat supplies. Further support came from robust export demand, with the USDA reporting private sales of 100,000 metric tons of US hard red spring wheat to Nigeria for delivery in the 2026/27 marketing year, beginning June 1. However, gains remained constrained as the US wheat harvest progressed at a solid pace, while expectations of strong production across the Black Sea region continued to support the outlook for ample global supplies.

Wheat decreased to 571.50 USd/Bu, the lowest since April 2026. Over the past 4 weeks, Wheat lost 5.97%, and in the last 12 months, it increased 8.25%.

Wheat fell to around $5.70 per bushel in late June, reaching the lowest level since March 4, as the advancing US winter wheat harvest reinforced expectations of ample supplies. Hard red winter wheat was 49% harvested, far ahead of 11% a year earlier and the five-year average of 19%, while the soft red winter wheat harvest reached 45%, also outpacing both last year and the five-year average. Crop conditions across other wheat-producing regions also remained broadly favorable. However, losses were limited by slower farmer selling during the Northern Hemisphere harvest and concerns over European wheat production following a recent heatwave. Meanwhile, traders awaited the US Department of Agriculture's quarterly Grain Stocks report due Tuesday. Traders also monitored the resumption of security talks in the Strait of Hormuz after renewed US-Iran tensions, as the recovery of fertilizer shipments through the strategic waterway could help alleviate concerns over wheat production costs.