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.