Wheat Futures Retreat on Harvest Pressure, Profit-Taking

Trading Economics

Wheat futures fell to $5.56 per bushel on Thursday after nearing a two-week high in the previous session, as traders took profits following two days of gains and positioned ahead of the US Independence Day holiday.

The pullback was also driven by advancing US winter wheat harvests, which added seasonal pressure to prices.

Global supply concerns further weighed on sentiment, with sizable crops expected in Europe and the Black Sea region despite recent harsh weather.

In Brazil, heavy rains and frosts delayed planting, with only 56.6% of intended wheat acreage sown by June 21, raising concerns about yield and area.

US wheat export inspections fell 30% year-over-year to 224,787 tonnes, reflecting limited availability.

Severe drought in China’s key wheat-producing regions may cut output by 4–15%, potentially boosting import demand.

With US wheat stocks down 20% from last year, even average Northern Hemisphere harvests may not ease global supply concerns.

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Wheat Futures Retreat on Harvest Pressure, Profit-Taking

Risk Disclosure