FX.co ★ Wheat Futures Gain on USDA Data

Wheat futures climbed toward $5.90 per bushel in early July, rebounding from a near four-month low hit on June 29, after USDA data pointed to tighter US supplies. The agency reported June 1 wheat stocks of 920 million bushels, below market expectations, and its closely watched annual acreage report showed US wheat plantings at 42.740 million acres, also undershooting forecasts. Together, the figures strengthened expectations of reduced wheat availability. Additional support came from firm export demand: the USDA confirmed private sales of 100,000 metric tons of US hard red spring wheat to Nigeria for delivery in the 2026/27 marketing year, which begins on June 1. Still, upside was capped by solid progress in the US wheat harvest and projections of strong output in the Black Sea region, which continue to underpin expectations of ample global supplies.