Wheat prices up amid war, expanding drought

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.

• May 31, 2018Drought and U.S. Rail Rates Prop Up U.S. Export Prices - U.S. Wheat Associates-0.2%
• Mar 31, 2026Wheat Prices Surge on US Drought and Planting Uncertainty-3.0%
• Apr 30, 2026Wheat Prices Jump as Drought Threatens U.S. Output - WSJ-2.1%
• Oct 20, 2020Wheat’s Drought Battle and Surging Demand: Why Prices Are Flying - Bloomberg-2.0%
• Jun 30, 2017Wheat futures rally amid worsening drought in the Northern Plains+9.6%

After 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.

• Mar 31, 2026Wheat Prices Surge on US Drought and Planting Uncertainty-0.7%
• Apr 30, 2026Wheat Prices Jump as Drought Threatens U.S. Output - WSJ-3.2%
• Oct 20, 2020Wheat’s Drought Battle and Surging Demand: Why Prices Are Flying - Bloomberg+0.0%
• Jun 30, 2017Wheat futures rally amid worsening drought in the Northern Plains+1.3%
• Mar 23, 2022Canadian farmers face drought threat as global wheat, canola prices soar+1.3%