Wheat futures slipped toward $6 per bushel after hitting a nine-month high of $6.14 on March 13, pressured by easing oil and soybean prices. Brent crude remains above $100 per barrel but has retreated as expectations grow that more tankers will be able to transit the Strait of Hormuz, where a small number of vessels have recently resumed passage.
Soybean futures fell sharply to below $12 per bushel amid uncertainty surrounding US trade talks with China, after President Donald Trump warned that a planned summit with Xi Jinping could be postponed if Beijing does not help reopen the Strait. The waterway, a critical artery for global commodity flows, has been largely closed since US–Israeli attacks on Iran, disrupting shipments of oil, fuel, and fertilizer. The resulting energy squeeze is driving up costs for farmers around the world.
At the same time, the USDA projects that global wheat production in 2025/26 will reach a record 842.1 million metric tons, with consumption also expected to edge higher.
