Wheat futures fell 2.8% to $5.80 per bushel in early April, their lowest level since March 5th, after US President Trump announced a two-week ceasefire with Iran. The deal followed his earlier threat to destroy key Iranian energy and transportation infrastructure. In response, Iran agreed to temporarily reopen the Strait of Hormuz, a critical corridor for global oil shipments. The agreement was finalized just before Trump’s 8 p.m. ET deadline, with US–Iran talks set for Friday in Islamabad.
Wheat prices were also pressured by forecasts of rain across the drought-stricken US Plains, which could bolster winter wheat yields. Meteorologists anticipate beneficial precipitation over the eastern two-thirds of the wheat belt in the next ten days, although the far western third is likely to remain dry. The USDA’s first winter wheat report for 2026 showed only 35% of the crop rated good to excellent—the lowest for this point in the season since 2023 and well below the 48% rating recorded in 2025.
