# Wheat prices near multi-year highs as war, weather, and harvest shortfalls converge By Investing.com

> US wheat futures are trading near multi-year highs after briefly testing $700 per bushel in July. The USDA forecast the smallest domestic winter wheat crop since 1965, with Hard Red Winter output in the Plains down 36%, while Australia cut its 2026 harvest forecast by 30%.

- Date: 2026-09-21 · published 2026-09-21T12:00:00.000Z
- Category: weather · region Global · magnitude high
- Page: https://feedsoft.ai/events/9695-wheat-prices-near-multi-year-highs-as-war-weather-and-harvest-shortfalls
- Commodities: [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Barley](https://feedsoft.ai/c/BARLEY.md)

## Why it matters

Smaller US and Australian crops tighten world supply, while Black Sea disruption adds further upward pressure. Feed buyers face higher wheat and substitute grain costs.

## Read by commodity

- WHEAT: bullish ▲
- BARLEY: bullish ▲
- KWHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WHEAT | 2026-09-21 | 1 | +4.1% | 3.6 | Published on the move date, it describes supply shortfalls (smallest US winter wheat crop since 1965, Australian cut) that underpin the rally and plausibly drove buying. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| KWHEAT | 2022-05-12 | [Wheat Prices Spike as US Sees War, Adverse Weather Hurting Crops - Bloomberg](https://feedsoft.ai/events/41431-wheat-prices-spike-as-us-sees-war-adverse-weather-hurting-crops-bloomberg.md) | +11.7% | -2.7% |
| KWHEAT | 2024-04-23 | [Higher Wheat Futures on Weather - ADM Investor Services](https://feedsoft.ai/events/12143-higher-wheat-futures-on-weather-adm-investor-services.md) | +7.7% | +16.6% |
| KWHEAT | 2018-05-29 | [Wheat prices are rising because of the hot and dry weather](https://feedsoft.ai/events/65065-wheat-prices-are-rising-because-of-the-hot-and-dry-weather.md) | -7.5% | -16.7% |
| KWHEAT | 2026-09-09 | [Kansas wheat prices hit 3-year high - Axios Kansas City](https://feedsoft.ai/events/17523-kansas-wheat-prices-hit-3-year-high-axios-kansas-city.md) | -1.1% | -6.0% |
| KWHEAT | 2026-03-31 | [War with Iran and dry weather in the US are pushing up US wheat prices, but they are limited by significant supply](https://feedsoft.ai/events/20213-war-with-iran-and-dry-weather-in-the-us-are-pushing-up-us-wheat-prices-but-they.md) | -3.0% | +11.3% |
| WHEAT | 2017-07-06 | [Food Prices Near 2-Year High Thanks to a Record Surge in Butter and Wheat - Bloomberg](https://feedsoft.ai/events/6181-food-prices-near-2-year-high-thanks-to-a-record-surge-in-butter-and-wheat.md) | -1.4% | +0.3% |
| WHEAT | 2022-05-12 | [Wheat Prices Spike as US Sees War, Adverse Weather Hurting Crops - Bloomberg](https://feedsoft.ai/events/41431-wheat-prices-spike-as-us-sees-war-adverse-weather-hurting-crops-bloomberg.md) | +5.9% | +0.7% |
| WHEAT | 2024-04-23 | [Higher Wheat Futures on Weather - ADM Investor Services](https://feedsoft.ai/events/12143-higher-wheat-futures-on-weather-adm-investor-services.md) | -1.3% | +22.1% |

## Sources

- uk.investing.com: https://uk.investing.com/news/stock-market-news/wheat-prices-near-multiyear-highs-as-war-weather-and-harvest-shortfalls-converge-93CH-4875606

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