Wheat Prices Post Largest Gain Since May Amid Potential US Supply Tightening

Deep News07-01 23:40

Wheat futures have recorded their most significant increase since mid-May. Traders are evaluating the potential for tighter supplies following a US Department of Agriculture report showing reduced planted acreage.

The agency estimated on Tuesday that total US wheat planted area is 42.7 million acres, a 6% decline from 2025. This figure fell below analyst expectations, representing the latest negative production signal for a crop that has been troubled by drought and other adverse weather conditions in recent months.

A report from Hightower stated that the lower planted area suggests the supply and demand balance for the new US crop will tighten further in upcoming reports.

Wheat rose as much as 3.2% on Wednesday, marking its largest gain since May 18 and reaching its highest price in a week. Corn and soybeans also advanced.

Concurrently, many traders are monitoring hot weather conditions in the United States and Europe. A European heatwave is already threatening crops in France.

As of 10:06 AM in Chicago, wheat was up 2.2% at $6.0225 per bushel.

Corn rose 0.9% to $4.3975 per bushel.

Soybeans increased 0.4% to $11.4825 per bushel.

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