Chicago wheat futures climb to highest since June 2024

Chicago wheat futures rose to a nearly six-week high on July 15, 2026, reaching $677.50 per bushel, up 5.04% from the previous day. This marked the highest level since May 20, 2026, as investors factored in geopolitical tensions and supply chain disruptions affecting global grain flows. Ukrainian drone strikes have disrupted shipping in the Sea of Azov, a key route for Russian grain exports, prompting Moscow to seek alternative transport methods. Meanwhile, renewed tensions in the Middle East have raised concerns over fertilizer and fuel costs, with attacks between the U.S. and Iran and uncertainties around the Strait of Hormuz adding to market pressures.

The U.S. Department of Agriculture (USDA) reported lower-than-expected June 1 wheat stocks of 920 million bushels and a reduced annual acreage forecast of 42.740 million acres, contributing to tighter U.S. supplies. Strong export demand, including private sale of 100,000 metric tons of U.S. hard red spring wheat to Nigeria, also supported prices. However, market participants remain attentive to Friday’s USDA World Agricultural Supply and Demand Estimates (WASDE) report, which is expected to influence grain market dynamics.