Wheat ($WHEAT) Commodity Forecast: Up 6.3% Today

What is Wheat?

Wheat is a widely traded commodity used in various food products, with its price influenced by factors such as weather conditions, global demand, and geopolitical events. Today, the wheat market experienced a strong bullish movement.

Why is Wheat going up?

WHEAT commodity is up 6.3% on May 13, 2026 0:00

• Wheat futures surged over 5% to $6.57 per bushel, reaching the highest level since June 2024, driven by a tighter supply outlook for the upcoming season due to reduced production and deteriorating crop conditions.
• Persistent dryness in the US Great Plains, coupled with concerns over drought stress and lower winter wheat yields, further supported the bullish trend in wheat prices.
• Geopolitical uncertainties, including US-Iran negotiations and the impact on global trade flows, added to market volatility and contributed to the bullish sentiment in the wheat market.
• The decline in wheat prices to a three-week low below $6 per bushel was attributed to factors such as lower oil prices, improved US weather forecasts, and signs of progress in US-Iran peace talks, which eased concerns over supply disruptions and impacted market sentiment.

WHEAT Price Chart

WHEAT Technical Analysis

WHEAT News

Wheat Futures Jump 5% after WASDE Report

Wheat futures jumped more than 5% to $6.57 per bushel, the highest since June 2024, after US government forecasts pointed to a tighter supply outlook for the coming season. The USDA projected all wheat production at 1,561 million bushels, down 424 million from last year due to lower acreage and weaker yields. The first survey based estimate for 2026 to 2027 winter wheat output also showed a sharp drop of 25%, driven mainly by reduced Hard Red Winter production. Crop conditions also deteriorated unexpectedly, with the USDA rating 28% of winter wheat as good to excellent, down from 31% the previous week and below analyst expectations. This is the weakest reading for this time of year since 2022, reinforcing concerns that recent rainfall has not been enough to offset drought stress in US Plains regions. Additional support came from energy markets, where oil prices rose after comments from US President Donald Trump that the Iran ceasefire remains fragile.

Wheat Futures Climb Over 1%

Wheat futures climbed more than 1% to near $6.30 per bushel, extending gains for a third consecutive session as persistent dryness across parts of the US Great Plains continues to threaten yields in a breadbasket region. According to the United States Department of Agriculture, winter wheat conditions deteriorated further, with 28% of the crop now rated good to excellent, down from 31% the previous week and significantly below 54% a year earlier. Market attention is also focused on the upcoming USDA World Agricultural Supply and Demand Estimates report due Tuesday, which is expected to update projections for wheat production and global supply balances amid persistent drought conditions. Additional support for wheat prices has come from broader geopolitical uncertainty affecting global trade flows. Recent developments in US–Iran negotiations have further unsettled markets, as talks failed to produce an agreement and the Strait of Hormuz remains effectively closed.

Wheat Futures Fall to 3-Week Low

Wheat futures fell below $6 per bushel, the lowest in three weeks, pressured by lower oil prices and improving US weather forecasts. Crude dropped under $100 per barrel as markets reacted to signs of progress in US-Iran peace talks, easing concerns over supply disruptions tied to the Strait of Hormuz. Forecasts also called for rain across dry US Plains wheat areas, though traders warned some crop damage may already be irreversible. The US Department of Agriculture rated 31% of the US winter wheat crop in good to excellent condition, up from 30% last week but still the weakest for this period since 2023. Weekly US old crop export sales totaled 78,800 tons, below expectations, while Algeria bought roughly 390,000 to 420,000 tons of wheat in an international tender. Russia’s IKAR consultancy also cut its 2025 to 2026 wheat export forecast to 44.5 million tons from 46 million previously.

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Wheat Price History

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.

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.

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.

12.04.2026 - WHEAT Commodity was up 5.2%

• The bullish movement in wheat prices can be attributed to persistent dryness in the US Great Plains, threatening yields and leading to a decrease in the crop's good to excellent rating. This, coupled with anticipation for the upcoming USDA report and geopolitical tensions affecting global trade flows, has fueled the price surge.
• On the other hand, the bearish movement in wheat prices was influenced by lower oil prices and improved US weather forecasts. Progress in US-Iran peace talks and the potential easing of supply disruptions via the Strait of Hormuz contributed to the decline. Additionally, rain forecasts in dry wheat areas and weaker-than-expected export sales added pressure on prices.

13.04.2026 - WHEAT Commodity was up 6.3%

• Wheat futures surged over 5% to $6.57 per bushel, reaching the highest level since June 2024, driven by a tighter supply outlook for the upcoming season due to reduced production and deteriorating crop conditions.
• Persistent dryness in the US Great Plains, coupled with concerns over drought stress and lower winter wheat yields, further supported the bullish trend in wheat prices.
• Geopolitical uncertainties, including US-Iran negotiations and the impact on global trade flows, added to market volatility and contributed to the bullish sentiment in the wheat market.
• The decline in wheat prices to a three-week low below $6 per bushel was attributed to factors such as lower oil prices, improved US weather forecasts, and signs of progress in US-Iran peace talks, which eased concerns over supply disruptions and impacted market sentiment.