Wheat ($WHEAT) Commodity Forecast: Up 5.2% Today

What is Wheat?

Wheat, a staple commodity, saw a significant bullish movement today amidst adverse weather conditions and supply worries in the US Great Plains.

Why is Wheat going up?

WHEAT commodity is up 5.2% on Apr 29, 2026 0:10

• Wheat futures climbed to multi-month highs because of severe droughts across the US Great Plains, posing threats to winter wheat crops and livestock production.
• The USDA's winter wheat ratings fell below anticipated levels, pointing towards a tough growing season ahead.
• Strong demand, such as Saudi Arabia's notable wheat purchase, contributed to the positive sentiment in the market.
• Possibilities of rainfall in crucial growing regions and indications of potential de-escalation in the Middle East marginally reduced prices, underlining the market's responsiveness to weather predictions and geopolitical tensions.

WHEAT Price Chart

WHEAT Technical Analysis

WHEAT News

Wheat Futures Rise to 11-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 Hits 22-month High

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 Hits 4-week High

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%.

Wheat Futures Approach 10-Month High

Wheat futures rebounded to $6.12 per bushel, nearing a ten-month high of $6.16 reached on March 31, as severe drought grips the US Great Plains. Nearly 90% of Nebraska and Oklahoma are affected, with over half of Nebraska in extreme drought, raising risks to winter wheat and pushing cattle producers to shrink herds and buy expensive feed. Dry conditions are expected to persist after weeks of low rainfall, heat, and pasture fires, with farmers weighing irrigation drilling and even grazing cattle on wheat fields. US Department of Agriculture meteorologists warn that the spring growing window is critical for grain formation. Traders are watching rainfall forecasts for relief. Also, fertilizer costs have surged amid disruptions linked to US-Iran-Israel conflicts, while the Strait of Hormuz remains largely constrained, tightening global energy supplies. In demand news, Saudi Arabia purchased 985,000 metric tons of wheat, shipping through Red Sea ports to avoid Gulf passage disruptions.

Wheat Futures Ease from 3-Week High

Wheat futures eased to around $6.07 per bushel from a near three-week high of $6.11 reached on April 23, as prospects for rain in the US Plains and signs of possible de-escalation in the Middle East weighed on prices. Weather forecasts point to rainfall across Kansas and Nebraska over the weekend, which could offer some relief to stressed crops after drought conditions worsened in key growing areas, including central and western parts of both states. Improved moisture could help stabilize production outlooks, easing some supply concerns. At the same time, grain markets remain sensitive to swings in energy prices and geopolitical developments, with crude oil fluctuating as traders balance ongoing supply disruptions against the possibility of renewed US-Iran peace talks.

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Wheat Price History

12.00.2026 - WHEAT Commodity was down 0.2%

• The recent bearish movement in Wheat can be attributed to profit-taking by traders after the commodity hit a 4-week high at $5.25 per bushel.
• The concerns over dry weather in the US Plains supporting prices might have led to an initial bullish trend, but as traders evaluated the overall market conditions, they decided to take profits, causing the bearish movement.
• The psychological factor of dry conditions impacting crop health, despite being a short-term concern, could have influenced traders to sell off their positions, contributing to the downward movement in Wheat prices today.

10.02.2026 - WHEAT Commodity was down 6.4%

• A 5.8% increase in the price of wheat to 616.55 USd/Bu suggests a bullish market sentiment.
• Factors such as supply chain disruptions, adverse weather conditions impacting crop yields, or rising demand from food manufacturers may have contributed to the surge in wheat prices.
• Investors and traders seem optimistic about the potential profitability of wheat-related investments given these market dynamics.

10.02.2026 - WHEAT Commodity was down 6.2%

• Wheat futures stabilized near $580 per bushel after a recent surge, as oil prices retreated due to easing supply risks and hopes for a resolution to the Iran war. This led to technical selling and a reversal of the earlier rally.
• US President Donald Trump's comments on the conclusion of the US military operation in Iran and plans to stabilize oil prices helped ease market concerns about energy supply disruptions, impacting wheat prices.
• The USDA's report of winter wheat ratings falling due to limited snow cover and expanding drought added to yield risks, contributing to the bearish movement in the wheat market.

21.01.2024 - WHEAT Commodity was up 5.0%

• Wheat prices surged due to a strong bullish movement, despite recent declines to near 3-month lows.
• The market was influenced by ample global supplies, particularly from key players like Russia, which is expected to produce record-high levels of wheat for export.
• Upwardly revised forecasts of global wheat production, driven by increased output in selected Middle Eastern countries, contributed to easing foreign demand and further weighed on prices.
• Lower asking prices from US and European farms, in response to the oversupply and reduced demand, indicate a bearish sentiment in the wheat market despite the temporary bullish movement.

13.04.2024 - WHEAT Commodity was up 5.3%

• Wheat futures surged to a 9-month high of $6.5 per bushel due to concerns over supply disruptions caused by adverse weather conditions in key producing regions like Brazil and Russia.
• Improvements in U.S. winter wheat conditions and cooler temperatures forecasted in Russia helped alleviate some of the supply worries, leading to a slight pullback in prices.
• The upcoming USDA supply-demand report is anticipated to show strong global supply, which could further impact wheat prices in the near term.
• Despite the recent fluctuations, the overall bullish sentiment in the wheat market remains supported by the ongoing supply concerns and the potential impact of weather events on future harvests.

09.04.2024 - WHEAT Commodity was up 5.4%

• Wheat futures surged as concerns over supply disruption due to bad weather in key producing regions like Brazil led to an increase in prices.
• Improved ratings for U.S. winter wheat conditions and cooler temperatures in Russia helped alleviate some worries about supply shortages.
• The latest WASDE report's upward revision of Russian wheat production and increased supply for the European Union, Moldova, and Pakistan contributed to the bullish sentiment in the market.
• Despite profit-taking and some easing of concerns, the overall bullish trend in wheat prices was supported by ongoing global supply challenges and weather-related uncertainties.

06.02.2024 - WHEAT Commodity was down 5.2%

• Wheat prices hit multi-month lows due to various factors impacting supply and demand dynamics in the market.
• Increased Russian and Ukrainian exports, along with abundant global stocks and the prospect of another bumper Russian crop, weighed heavily on wheat prices.
• Global wheat production for 2023/24 has seen a slight increase, primarily driven by higher outputs in specific regions, offsetting declines in others.
• The decrease in global wheat ending stocks for 2023/24, reaching the lowest level in 8 years, indicates a shift in market dynamics towards increased consumption and reduced surplus.

06.04.2024 - WHEAT Commodity was up 5.1%

• Wheat futures surged as concerns over supply constraints eased due to favorable weather conditions in major producing regions.
• Reports of improved crop outlooks in the US and Russia, along with increased supply forecasts for key exporting countries, contributed to the bullish sentiment.
• The market reacted positively to the news of ample supply and improved production prospects, driving wheat prices higher despite earlier worries of drought conditions impacting output.

03.04.2024 - WHEAT Commodity was up 5.5%

• The price surge in the wheat market is due to supply worries from key producers like southern Russia and the U.S. Plains. Dry weather conditions have raised concerns about crop yields, prompting investors to cover short positions in wheat.
• The European Commission's reduced forecast for the EU's main wheat crop has added to these supply concerns and boosted wheat prices.
• Despite initial concerns about poor crops being alleviated by favorable weather and higher production forecasts, the ongoing dry spell in crucial growing areas and lowered crop estimates have outweighed these positive factors, propelling wheat prices upwards.
• The bullish movement in the wheat market highlights the delicate balance between supply and demand dynamics, with current supply worries leading to higher prices.

23.03.2024 - WHEAT Commodity was up 5.4%

• Wheat futures surged to a near-2-month high due to concerns over dry weather in the US Wheat Belt and reduced output expectations in Australia, leading to a decrease in supply forecasts and pushing prices higher.
• Despite strong production from the Black Sea region and ample supply globally, the market saw a rise to a 7-week high as reports of record-high exports from Russia and other key growers created a bullish sentiment.
• The commodity approached an over 3-year low recently as US farms faced challenges in pricing competitively against the influx of foreign supply, even though optimistic supply forecasts for major wheat-producing regions were maintained.
• Wheat also hit a 4-week low, reflecting a downward trend in prices over the past month, driven by concerns over excess supply and pricing competition in the global market, despite positive export projections for leading wheat-producing countries.

23.02.2026 - WHEAT Commodity was down 1.9%

• Wheat futures fell from a nine-month high due to a cooling in oil and soybean prices, impacting overall market sentiment.
• Uncertainty over US trade talks with China and the potential delay of a summit added to the bearish movement in wheat prices.
• The reopening of the Strait of Hormuz and the expected record global wheat production in the coming years are contributing to the downward pressure on wheat prices.
• The energy squeeze and disruptions in global commodity flows are increasing costs for farmers, further affecting the demand for wheat.

29.03.2026 - WHEAT Commodity was up 5.2%

• Wheat futures climbed to multi-month highs because of severe droughts across the US Great Plains, posing threats to winter wheat crops and livestock production.
• The USDA's winter wheat ratings fell below anticipated levels, pointing towards a tough growing season ahead.
• Strong demand, such as Saudi Arabia's notable wheat purchase, contributed to the positive sentiment in the market.
• Possibilities of rainfall in crucial growing regions and indications of potential de-escalation in the Middle East marginally reduced prices, underlining the market's responsiveness to weather predictions and geopolitical tensions.