FX.co ★ Wheat Futures Fall from 9-Month High

Wheat futures slipped nearly 2% to $6.04 per bushel, retreating from a nine‑month high of $6.16 reached on March 31, as easing concerns over the Middle East conflict reduced pressure on agricultural markets. Growing optimism that the war could end within weeks—following comments from President Donald Trump—briefly pushed oil prices below $100 per barrel, softening worries about elevated fuel and fertilizer costs that had been underpinning grain prices.

Earlier gains in wheat had been driven by tightening supply expectations, with U.S. planted area estimated at 43.8 million acres, below market forecasts, and ongoing dryness across the Plains threatening yields. At the same time, disruptions to fertilizer and energy shipments through the Strait of Hormuz had driven up input costs worldwide. As energy markets stabilize, some of that risk premium is now unwinding, leading to a pullback in wheat prices even as weather-related risks persist.