This post was originally published on The Economic Times
Wheat was set for its biggest weekly gain in almost two months, as persistent weather concerns and tighter fertilizer supplies linked to the Iran war stoked worries over the crop’s supply outlook.
The most active wheat contracts in Chicago were on track to climb around 5% on the week, their biggest such jump since February. The hard red winter variety hovered near its highest level since June 2024.
Much of wheat’s gains have been led by the hard red variety, “a proxy for US drought concerns,” said Mike Verdin, senior markets consultant at CRM AgriCommodities.
The proportion of US winter wheat area in drought held at 68% last week, according to data from the US Department of Agriculture earlier this week. Dry weather also continued in parts of the Black Sea growing region
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