FX.co ★ Wheat Futures Approach 9-Month High

Wheat futures rose to about $6.00 per bushel, their highest level since the nine‑month peak of $6.16 on March 31, as persistent weather threats and fertilizer supply disruptions linked to the Iran conflict heightened concern over global production. Drought conditions are expected to continue across the US Great Plains, particularly in key hard red winter wheat areas, while ongoing dryness in parts of the Black Sea region and Europe further weighs on crop prospects. In Australia, limited access to inputs and continued dry weather are likely to push plantings down to multi‑year lows, adding risk from a major exporting country. Fertilizer supply constraints stemming from tensions between the US and Iran are also lending support to prices, with traffic through the Strait of Hormuz largely restricted. Although overall global wheat supply remains relatively comfortable, production risks in Australia and Argentina are viewed as key potential upside drivers for prices. Meanwhile, US wheat export sales for the week ended April 9 totaled 231,300 metric tons, broadly in line with market expectations.