Wheat futures stabilized near $580 per bushel after surging to as high as $635 on March 9th, as oil prices retreated sharply amid easing supply risks and hopes for a swift end to the Iran war. Technical selling also reversed the earlier rally, which was likely fueled by speculative traders positioning for geopolitical developments. The moves followed comments from US President Donald Trump that the US military operation in Iran is nearing its conclusion, alongside plans to keep oil prices in check, easing market concerns about prolonged disruptions to energy supplies. Grain markets often track crude because crops are used in biofuel production, while higher energy prices raise fertilizer, shipping, and other input costs for agricultural goods. Meanwhile, the USDA reported winter wheat ratings fell 22% month-on-month amid limited snow cover and expanding drought across the southern plains, increasing yield risks.
