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Wheat futures rose to new highs on Tuesday, led by hard red winter wheat on US drought and global production concerns. Corn also firmed while soybeans traded lower.
Pro Farmer's Lane Akre said the market could test the March highs as Southern Hemisphere seedings and 2027 crops are assessed.
Drought losses in US hard red winter wheat and expected global output declines tighten exports and support wheat prices. Corn tends to follow wheat higher, while soybeans lag in the session.
agweb.comMichelle RookApr 28, 2026After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
After 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% over 20.
After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
On Apr 28 HRW-led wheat hit new highs on US drought and global production concerns, driving the final days of the move.
