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July CBOT wheat rose 2.5% to $6.22 a bushel as dry weather expanded across western US wheat fields, including extreme drought in Nebraska and spreading dryness in Oklahoma and Texas. Corn rose slightly while soybeans fell, and crude oil climbed on Middle East tensions.
Expanding Plains drought threatens hard red winter wheat yields, supporting wheat prices. Higher crude oil also gives some support to corn and soy through biofuel demand.
marketscreener.comDow JonesApr 23, 2026After 1,072 past bullish weather events, WHEAT 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, KWHEAT 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 40 past bullish weather events, WTI moved a median +1.6% over 5 sessions (63% higher; middle half -3.7% to +5.3%), and +6.1% 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.
Apr 23 wheat rally of 2.5% on expanding Plains drought (Nebraska, Oklahoma, Texas) cut HRW supply prospects, directly within the 5-day window.
