2026.05.1415:15:53UTC+00Wheat Futures Fall from 2-Year High

Wheat futures dropped more than 3% to about $6.50 per bushel, retreating from the two-year high of $6.80 reached on May 12, as traders locked in profits and responded to the absence of fresh agricultural commitments from the US-China summit. The market was disappointed that the first day of talks failed to deliver concrete developments on grain trade.

With no new policy signals, focus returned to market fundamentals, particularly weather and supply conditions in the United States. Drought has intensified in parts of Nebraska and Oklahoma, pressuring winter wheat as well as newly planted corn and soybeans, although some rainfall is forecast for other key growing regions.

On-the-ground assessments have reinforced these concerns. Crop scouts in Kansas reported lower-than-expected yields for hard red winter wheat, estimating 39.3 bushels per acre, well below last year’s 53.3 bushels. At the same time, the USDA projected US wheat output at 1.561 billion bushels, the lowest since 1972, underscoring persistent supply constraints tied to dry conditions across the Great Plains.