# CRMAgri - Latest - Deepening US drought concerns extend wheat price rally

> Wheat prices extended their rally as US drought spread, with USDA reporting about 70% of US winter wheat in drought. The International Grains Council cut its forecasts for US and Australian 2026 wheat harvests, and hard red winter wheat reached a 22-month high. Saudi Arabia also issued a tender for 710,000 tonnes of wheat.

- Date: 2026-04-23 · published 2026-04-23T12:00:00.000Z
- Category: weather · region US · magnitude medium
- Page: https://feedsoft.ai/events/19767-crmagri-latest-deepening-us-drought-concerns-extend-wheat-price-rally
- Commodities: [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

Lower US and Australian crop forecasts reduce exportable wheat supplies, supporting prices. Hard red winter strength feeds into the broader wheat complex that feed buyers pay for.

## Read by commodity

- WHEAT: bullish ▲
- KWHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| KWHEAT | 2026-04-27 | 5 | +9.3% | 2.9 | Drought covering ~70% of winter wheat, IGC cuts to US and Australian crops and a 22-month HRW high tightened supply expectations; Saudi tender added demand. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| KWHEAT | 2018-05-31 | [Drought and U.S. Rail Rates Prop Up U.S. Export Prices - U.S. Wheat Associates](https://feedsoft.ai/events/64934-drought-and-u-s-rail-rates-prop-up-u-s-export-prices-u-s-wheat-associates.md) | -0.2% | -14.9% |
| KWHEAT | 2026-03-31 | [Wheat Prices Surge on US Drought and Planting Uncertainty](https://feedsoft.ai/events/20207-wheat-prices-surge-on-us-drought-and-planting-uncertainty.md) | -3.0% | +11.3% |
| KWHEAT | 2022-04-13 | [U.S. Hard Red Winter Wheat in Drought Adds Supply Concerns](https://feedsoft.ai/events/41905-u-s-hard-red-winter-wheat-in-drought-adds-supply-concerns.md) | +0.1% | +2.1% |
| KWHEAT | 2023-05-22 | [DROUGHT CONCERNS RALLY CORN & BEANS — Market Minute](https://feedsoft.ai/events/7838-drought-concerns-rally-corn-and-beans-market-minute.md) | -0.6% | +1.4% |
| KWHEAT | 2017-06-30 | [Wheat futures rally amid worsening drought in the Northern Plains](https://feedsoft.ai/events/6178-wheat-futures-rally-amid-worsening-drought-in-the-northern-plains.md) | +9.6% | +0.1% |
| WHEAT | 2026-03-31 | [Wheat Prices Surge on US Drought and Planting Uncertainty](https://feedsoft.ai/events/20207-wheat-prices-surge-on-us-drought-and-planting-uncertainty.md) | -0.7% | +1.7% |
| WHEAT | 2021-04-26 | [Wheat price rises to highest in eight years on supply concerns \| Seeking Alpha](https://feedsoft.ai/events/47637-wheat-price-rises-to-highest-in-eight-years-on-supply-concerns-seeking-alpha.md) | +3.3% | -0.2% |
| WHEAT | 2022-04-13 | [U.S. Hard Red Winter Wheat in Drought Adds Supply Concerns](https://feedsoft.ai/events/41905-u-s-hard-red-winter-wheat-in-drought-adds-supply-concerns.md) | -0.5% | +6.1% |

## Sources

- crmagri.com: https://crmagri.com/latest/deepening-us-drought-concerns-extend-wheat-price-rally

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.