Wheat Hits 5-week High

Wheat climbed past $6 per bushel to a nearly six-week high, mainly driven tighter US supplies. The USDA reported lower-than-expected June 1 wheat stocks of 920 million bushels and a reduced annual acreage forecast of 42.740 million acres. Further boosting prices was strong export demand, with a private sale of 100,000 metric tons of US hard red spring wheat to Nigeria for the 2026/27 marketing year. Geopolitical tensions also fueled supply anxieties following new US military strikes on Iran, sparked by recent attacks on shipping vessels in the critical Strait of Hormuz. However, price gains were somewhat capped by a steady US harvest pace. Additionally, forecasts of robust production across the Black Sea region continue to support expectations of ample global wheat availability.

Wheat increased to 614.00 USd/Bu, the highest since June 2026. Over the past 4 weeks, Wheat gained 4.57%, and in the last 12 months, it increased 11.89%.

Wheat futures rose to around $5.9 per bushel in early July, reaching their highest level since June 22 as USDA reports pointed to lower wheat stocks and reduced acreage. The USDA reported June 1 wheat stocks of 920 million bushels, missing expectations. The 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.