Wheat futures dropped 2.8% to $5.80 per bushel in early April, hitting its lowest level since March 5th, following US President Trump’s announcement of a two-week ceasefire with Iran. The deal came after he threatened to destroy Iranian energy and transportation infrastructure. Meanwhile, Iran agreed to temporarily reopen the Strait of Hormuz, a crucial oil shipping route.

The agreement was reached just before Trump’s 8 p.m. ET deadline, with US-Iran talks scheduled for Friday in Islamabad. The decline in wheat prices was also influenced by forecasts of rainfall in the drought-hit US Plains, which could improve winter wheat yields. Meteorologists expect beneficial rain in the eastern two-thirds of the wheat belt over the next ten days, although the far western third may miss out. The USDA’s first 2026 winter wheat report revealed that only 35% of the crop was rated as good to excellent, the lowest for this time of year since 2023 and well below the 48% recorded in 2025.

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