Wheat Prices man

Wheat prices averaged USD 641 cents per bushel in May, up 6.6% from April. On 29 May, the commodity traded at USD 611 cents per bushel, down 2.1% from 30 April.

In May, average wheat prices increased for the fourth consecutive month, reaching a two-year high. The Iran war continued to fuel prices by raising the cost of energy and fertilizer; wheat requires more fertilizer than soybeans, and higher-for-longer costs of this input could therefore disrupt wheat planting plans. An intensifying drought in the U.S. Midwest and a potential El Niño in Australia further weighed on the supply outlook; the USDA projects a sharp year-on-year decline in both U.S. and global wheat supply this marketing year.