Chicago, IL — April 24, 2026 — Wheat futures surged across all major exchanges on Thursday, with Kansas City Hard Red Winter (HRW) contracts posting the strongest gains. The rally was driven by reliable export demand and worsening drought conditions in key US growing regions.
KC HRW futures rose 10 ½ to 29 ¼ cents, with front-month contracts leading the charge. Chicago Soft Red Winter (SRW) wheat gained 10 to 13 ¼ cents across most contracts. Minneapolis spring wheat closed 6 to 10 ½ cents higher.
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The rally followed the release of weekly export sales data from the US Department of Agriculture. Old crop sales totaled 129,022 metric tons for the week ending April 16, up from the previous week. Japan was the lead buyer, purchasing 59,400 MT, followed by Nigeria with 47,400 MT. New crop sales were limited to 8,000 MT, mostly to South Korea.
Data from the USDA’s Drought Monitor shows 70% of the US winter wheat crop is in drought. That’s the highest level since 2023 and the most for this stage of the growing season since 2022. The 7-day forecast calls for limited precipitation — up to an inch in western Kansas, with little to no rain in the Texas and Oklahoma panhandles.
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Industry watchers note that dry conditions could further stress the crop during a critical growth period. This suggests supply concerns may persist.
International demand also provided support. Taiwan flour mills purchased 105,950 MT of US wheat in a tender overnight. Saudi Arabia issued a separate tender to buy 710,000 MT of wheat, with a deadline set for Friday.
The International Grains Council trimmed its world wheat production estimate by 1 million metric tons. Projected use fell by 4 MMT. World ending stocks were raised by 8 MMT to 284 MMT.
Closing Prices
| Contract | Close | Change |
|---|---|---|
| May 26 CBOT Wheat | $6.10 3/4 | +11 1/2 cents |
| Jul 26 CBOT Wheat | $6.20 1/4 | +13 1/4 cents |
| May 26 KCBT Wheat | $6.66 3/4 | +29 cents |
| Jul 26 KCBT Wheat | $6.79 1/4 | +29 1/4 cents |
| May 26 MIAX Wheat | $6.75 1/2 | +9 1/4 cents |
| Jul 26 MIAX Wheat | $6.92 1/2 | +10 1/2 cents |
The rally in wheat also supported corn and soybean prices, which have been under pressure in recent weeks. Cotton prices, however, continued to decline.
What this means for investors is that wheat remains sensitive to weather and global demand shifts. The drought data and strong export sales suggest the rally could have further room to run.
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On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
This article was produced with AI assistance and reviewed by our editorial team for accuracy and quality.
