2026.04.2711:09:06UTC+00Wheat Futures Approach 10-Month High

Wheat futures rebounded to $6.12 per bushel, approaching the ten‑month high of $6.16 set on March 31, as a severe drought tightens its grip on the US Great Plains. Nearly 90% of Nebraska and Oklahoma are affected, with more than half of Nebraska classified in extreme drought. The conditions are heightening risks to winter wheat crops and forcing cattle producers to cull herds and purchase costly feed.

The dry spell is expected to continue following weeks of scant rainfall, high temperatures, and pasture fires. Farmers are weighing whether to drill new wells for irrigation and, in some cases, considering grazing cattle directly on wheat fields. Meteorologists at the US Department of Agriculture emphasize that the spring growing period is critical for grain formation, making upcoming weather patterns particularly important. Market participants are closely monitoring rainfall forecasts for signs of relief.

At the same time, fertilizer prices have surged amid supply disruptions tied to tensions involving the US, Iran, and Israel, while traffic through the Strait of Hormuz remains heavily constrained, further tightening global energy markets. On the demand side, Saudi Arabia has purchased 985,000 metric tons of wheat, with shipments routed via Red Sea ports to avoid potential disruptions in Gulf shipping lanes.