Wheat futures rose above $6 per bushel to their highest level in nearly six weeks, driven primarily by tighter US supply prospects. The USDA reported June 1 wheat stocks of 920 million bushels, below market expectations, and lowered its annual planted area estimate to 42.74 million acres. Adding further support, export demand remained firm, highlighted by a private sale of 100,000 metric tons of US hard red spring wheat to Nigeria for the 2026/27 marketing year.
Geopolitical tensions also contributed to supply concerns, following new US military strikes on Iran in response to recent attacks on shipping vessels in the strategically important Strait of Hormuz. Still, gains were partly limited by the steady pace of the ongoing US harvest. In addition, projections for strong production in the Black Sea region continue to underpin expectations of ample global wheat supplies.
