Wheat futures slipped to $5.91 per bushel, extending their retreat from the nine‑month high of $6.16 reached on March 31, as muted export demand and weaker energy prices pressured the market. Brent crude fell below $108 per barrel amid reports that the US, Iran, and regional mediators are discussing a potential 45‑day truce, tempering concerns over elevated fuel and fertilizer costs that had previously supported grain prices.
Additional downside pressure came from lackluster demand for US crops, with corn export sales dropping to 1.1 million metric tons—about 20% below the recent average, according to the USDA. Even so, the decline in wheat prices was partly contained by ongoing geopolitical risks. Disruptions to fertilizer shipments through the Strait of Hormuz persist and could weigh on future crop yields. Underscoring the tight conditions in global fertilizer markets, India is seeking to import 2.5 million metric tons of urea to secure supplies ahead of the monsoon planting season.
