Wheat Futures Approach 2-Month High

2026-07-15 03:14 By Czyrill Jean Coloma 1 min. read

Wheat futures advanced toward $6.50 per bushel in mid-July, reaching their highest level since May 22, as investors weighed mounting geopolitical risks and their potential impact on global grain flows.

Ukrainian drone strikes have disrupted shipping in the Sea of Azov, a key route that handles about a quarter of Russia’s grain exports.

This has forced Moscow to seek alternative transport routes and switch to other modes of transport.

Renewed tensions in the Middle East also provided further support, with concerns over higher fertilizer and fuel costs resurfacing following recent attacks between the US and Iran and uncertainties surrounding the Strait of Hormuz.

Meanwhile, the US government cut its 2026/27 wheat production forecast to 41.8 million tonnes, the lowest since 1970, and lowered Canada’s output estimate by 1 million tonnes to 34 million tonnes.



News Stream
Wheat Futures Approach 2-Month High
Wheat futures advanced toward $6.50 per bushel in mid-July, reaching their highest level since May 22, as investors weighed mounting geopolitical risks and their potential impact on global grain flows. Ukrainian drone strikes have disrupted shipping in the Sea of Azov, a key route that handles about a quarter of Russia’s grain exports. This has forced Moscow to seek alternative transport routes and switch to other modes of transport. Renewed tensions in the Middle East also provided further support, with concerns over higher fertilizer and fuel costs resurfacing following recent attacks between the US and Iran and uncertainties surrounding the Strait of Hormuz. Meanwhile, the US government cut its 2026/27 wheat production forecast to 41.8 million tonnes, the lowest since 1970, and lowered Canada’s output estimate by 1 million tonnes to 34 million tonnes.
2026-07-15
Wheat Futures Retreat on Robust China Harvest
Wheat futures slipped to around $6.1 per bushel in early July, retreating from a three-week high reached on July 9, as strong production data from China reinforced expectations of ample global supplies. According to the National Bureau of Statistics, the world's top wheat grower's harvest increased to 138.95 million metric tons, from 138.16 million metric tons a year earlier, despite a 0.3% decline in planted area to 23.01 million hectares. While excessive rainfall delayed winter wheat sowing, favorable growing conditions, effective pest control, and government support helped crops recover, resulting in another strong harvest. Market participants are now turning their attention to Friday's USDA World Agricultural Supply and Demand Estimates (WASDE) report, which is expected to play a pivotal role in shaping grain markets, including wheat.
2026-07-10
Wheat Rises to 6-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.
2026-07-08