Wheat Futures Gain on USDA Data

Wheat futures rose toward $5.9 per bushel in early July, moving away from a near four-month low reached on June 29 after USDA reports highlighted lower wheat stocks and reduced acreage. The USDA reported June 1 wheat stocks of 920 million bushels, missing expectations. Its closely watched annual acreage report also showed US wheat plantings at 42.740 million acres, undershooting forecasts. Collectively, the reports reinforced expectations of tighter wheat supplies. Further support came from robust export demand, with the USDA reporting private sales of 100,000 metric tons of US hard red spring wheat to Nigeria for delivery in the 2026/27 marketing year, beginning June 1. However, gains remained constrained as the US wheat harvest progressed at a solid pace, while expectations of strong production across the Black Sea region continued to support the outlook for ample global supplies.