Global wheat climbs to highest since late May; futures near $6.50 a bushel

Wheat futures rose to around $6.50 a bushel in mid-July 2026, their highest level since about May 20, as investors weighed geopolitical risks and their potential impact on global grain flows.

Renewed US-Iran tensions and concerns over higher fertilizer and fuel costs following disruption in the Strait of Hormuz, along with a drone strike on the Sea of Azov route (which handles about a quarter of Russia's grain exports), were among the drivers. The US government also cut its 2026/27 wheat production forecast to 41.8 million tonnes, the lowest since 1970.

Global wheat prices matter for Iran, a major wheat importer, in terms of food security and import costs.