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This is your Wheat podcast.
Hey everyone, welcome to another episode of Daily Wheat Price Tracker with Vanessa Clark. I'm your host Vanessa, and today we're diving into the hottest news shaking up the wheat markets—prices are exploding to 22-month highs, and I'll break down the current trading levels plus what it means for you.
First off, the big headline: wheat futures surged sharply yesterday, leading the grain rally with gains of 27 to 28 cents across contracts. The July Chicago wheat contract closed at $6.58 per bushel, hitting new contract highs and the highest since mid-2024, according to reports from Helena Agri and Morningstar. May wheat settled at $6.49, September at $6.71, and December at $6.89—all fueled by terrible U.S. crop conditions. USDA data shows 35% of winter wheat rated poor to very poor, up 2% from last week, with drought hammering the central and southern Plains, plus slow spring wheat planting.
Global supply fears are piling on too. The Straits remain closed amid energy chaos and Iran uncertainties, disrupting fertilizer shipments and driving up costs—worldwide shortages mean lower application rates and potential yield drops. Add in freeze risks in Russia and Ukraine, wet issues for soft red winter wheat in the eastern U.S., and Australia's fertilizer woes, and you've got speculators piling in on technical buying.
For producers, this is a game-changer. Funds are flat despite the rally, hinting at more upside, and Ag Secretary Rollins is pushing government investments to tackle fertilizer gouging and rebuild infrastructure. Russian export prices held steady at around $237 per tonne FOB, per IKAR consultancy, but cold delays sowing there.
Key takeaway: if you're holding wheat, lock in these highs—50% of the 2026 crop is already sold at solid averages like $6.13 for July. Watch for rain in the Plains and any Strait updates; they could swing prices fast. Stay nimble out there.
Thanks for tuning in, friends—subscribe, share with your farming crew, and catch you next time on Daily Wheat Price Tracker!
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