FX.co ★ Wheat Futures Ease from 3-Week High

Wheat futures slipped to about $6.07 per bushel, easing from a near three-week high of $6.11 reached on April 23, as improved weather prospects in the US Plains and tentative signs of de-escalation in the Middle East pressured prices. Forecasts now call for rainfall across Kansas and Nebraska over the weekend, offering potential relief to crops stressed by worsening drought in key producing regions, particularly in central and western parts of both states. Additional moisture could help stabilize yield expectations and temper some supply concerns. At the same time, grain markets remain closely tied to movements in energy prices and geopolitical risk, with crude oil trading unevenly as participants weigh ongoing supply disruptions against the possibility of renewed US–Iran peace negotiations.