Wheat Prices man

Wheat prices averaged USD 597 cents per bushel in March, up 8.7% from February. On 31 March, the commodity traded at USD 616 cents per bushel, up 4.2% from 27 February.

In March, wheat prices hit a near two-year high, partly due to the Iran war, which upended global energy and fertilizer markets, sparking spikes in freight and insurance costs on supply disruptions. Moreover, the USDA recently cut its estimates for wheat plantings this year to the lowest since records began in 1919, with drought in the U.S. Southern Plains compounding supply concerns. The Iran war could further disrupt U.S. planting plans, as wheat requires more fertilizer than soybeans.