FX.co ★ Wheat Futures Rebound Toward 9-Month High

Wheat futures climbed to $6.06 per bushel, moving closer to the nine-month high of $6.16 reached on March 31, as renewed geopolitical tensions pushed prices higher. President Donald Trump’s warning of potential further military action against Iran in the coming weeks has weighed on hopes for a near-term de-escalation. The ongoing conflict continues to underpin grain markets by driving up energy and fertilizer costs, while disruptions in the Strait of Hormuz restrict supplies and raise input prices for farmers worldwide. At the same time, adverse weather in the US Plains—marked by unusually warm and dry conditions—is threatening yields in a key production region. Additional support for prices came from weaker-than-expected US planting data, with wheat acreage estimated at 43.8 million acres, below market forecasts, reinforcing concerns over tighter supply.