Wheat Prices Fall as Northern Hemisphere Harvest Looms

Wheat Prices Continue to Decline

Chicago wheat futures fell to a two-week low on Wednesday, marking a fifth consecutive day of losses, as traders ignored worsening U.S. crop ratings and focused on the upcoming Northern Hemisphere harvests that will bring new supply to the market.

Corn and Soybeans Trade Flat

Corn and soybean prices were little changed, with both contracts under pressure as rainfall in the United States—while too late to save winter wheat—improves the outlook for this year's summer crops.

The most-traded wheat contract on the Chicago Board of Trade (CBOT) was down 1.5% at $6.26 a bushel. Wheat prices rose from just over $5 a bushel at the start of 2026 to a two-year high of $6.88-1/4 on May 14 as drought damaged crops in the U.S. But prices have since slipped by around 8%.

Analyst Insights and Market Outlook

Rabobank analyst Vitor Pistoia said, "The problems with U.S. winter wheat have been priced in. That's no longer a bullish element. We need to see something else." Pistoia noted that prices could remain supported if the Strait of Hormuz remains closed, squeezing fuel and fertilizer supply.

Expensive oil spurs interest in biofuel, raising feedstock demand, while high fertilizer costs tempt farmers to use less, potentially lowering crop yields.

Other Commodity Developments

CBOT corn fell 0.4% to $4.55-3/4 a bushel, and soybeans were down 0.1% at $11.84-3/4 a bushel. Indian traders cancelled 25,000 metric tons of soymeal export contracts for the first time since 2021 and booked 80,000 tons of imports from African countries after soaring domestic prices reversed trade flows.