Wheat futures held around $6 per bushel, near a fourteen-month high and on track for a roughly 5% weekly gain, the strongest rise in nearly two months as persistent weather risks and fertilizer shortages tied to the Iran conflict fueled supply concerns. Drought is expected to linger across the US Great Plains, particularly in hard red winter wheat regions, while dry conditions in parts of the Black Sea and Europe continue to weigh on crop prospects.
In Australia, limited farm inputs and ongoing dryness are set to push planting acreage to multi-year lows, raising concerns for a key global exporter. Fertilizer supply disruptions due to tensions involving the US and Iran, are further supporting prices, especially with the Strait of Hormuz still largely closed. While ample global supplies may limit gains, risks to output in Australia and Argentina could provide additional upside. Meanwhile, US wheat export sales totaled 231,300 metric tons for the week ended April 9, within expectations.
