Wheat Futures Rebound
Wheat futures rallied 3% to above $5.40 per bushel on Friday, bouncing back from a four-week low amid bargain buying and improved sentiment across the grain complex.
The recovery was supported by strength in soybeans and corn, which surged following the Biden administration’s proposed biofuel blending mandate.
Traders viewed wheat’s recent dip as a buying opportunity, particularly with global supply concerns lingering.
Additional momentum came from a sharp rise in crude oil prices after Israel launched airstrikes on Iran, heightening geopolitical risks and boosting broader commodity markets.
Wheat also benefited from technical buying and the improved market tone.
Meanwhile, the USDA slightly raised its 2025/26 U.S. wheat supply outlook, projecting total production at 1.921 billion bushels—up 115,000 from last month—thanks to increases in Soft Red and White Winter wheat that offset lower Hard Red Winter output.