Wheat Prices – Historical Graph
- The average price in the past 3 days is
- The average price in the past 7 days is
- The average price in the past 30 days is
- The average price in the past 365 days is
Popular questions about wheat prices:
Wheat Prices Explained
Wheat prices fluctuated between $5.30 to $5.50 per bushel in the 1st quarter of 2025 as supply and demand trends vary across regional markets and producing countries.
The EU reported a poor harvest as France and Germany (the region’s largest wheat producers) suffered the worst wheat crops in decades. This left Romania and Bulgaria to cover the EU wheat exports to North America and the Middle East.
While Ukraine posted a bumper harvest (forecasting 9 million tons of exports by the end of June 2025), Russia reported a reduced output due to weather challenges. The country restricted 43 million tons of winter wheat exports to cover its domestic demand.
The US and Canada saw impressive agricultural output as yields were more than 30% of the projected harvest. On the demand side, buyers and traders are hesitant to bulk purchases as they wait for a new set of sanctions.
Why are wheat prices fluctuating?
1. Plenty Inventory
Its falling prices in the market stem from the abundant grain output from the U.S., Russia, and Ukraine. Also, the USDA reported its high production output owing to the improved weather conditions in the country.
Furthermore, Ukraine (a key grain wheat producer) managed to find an alternative export route despite Russian attacks on its ports. Thus, this healthy inventory offsets its demand, affecting wheat prices.
2. Oil Prices
Normally, energy is an important input cost of wheat production. Therefore, any increase in oil prices means additional costs for machinery. Thus, wheat price fluctuation comes after energy prices.
3. Land Productivity
For years, consumers have enjoyed significant wheat production and supply. However, the constant fertilizer application exceeds the required quantity. Therefore, it damages the soil’s natural pH value affecting its productivity and lowering production.
Overall, this results in a production shortage which changes the balance of demand, supply, and wheat market price.
4. Climate Conditions
Wheat is one of the most versatile crops with the ability to thrive in different growing conditions. However, extreme weather conditions such as longer droughts and excess heat diminished its yield and productivity. Thus, it creates a supply gap and disrupts healthy market trading.
5. Geo-Political Factors
The war between Ukraine and Russia had a major impact on the supply and prices of wheat. The two countries’ combined production accounts for nearly a quarter of the global exports. As a result, the conflict between the two countries affected the steady supply in the international market.
Which variables impact the price of wheat?
- Plenty Inventory
- Oil Prices
- Land Productivity
- Climate Conditions
- Geo-Political Factors
- GMOs
Where does wheat come from?
Wheat cultivation started 10,000 years ago in the southeast region of Turkey. Turkish local farmers called it “Einkorn”. It spread from the Middle East to Europe and then to America through farmers migrating from their homeland in search of rich soil to cultivate wheat seeds.
Additionally, milling wheat became common in the 12th century. Furthermore, it became the UK’s most important crop for consumption in the 19th century and this continues until today. Wheat is a versatile grain and it is used in various products. The following are its top products:
1. Bread – It is a primary ingredient in bread and this comes in many varieties, such as whole wheat, white, and sourdough.
2. Pasta – Durum wheat is essential in making various types of pasta like spaghetti, macaroni, and lasagna.
3. Cakes and Pastries – Wheat flour is a key ingredient in cakes, cookies, pastries, and other baked goods.
4. Cereals – Additionally, it is a good diet breakfast such as breakfast cereals and cereal bars.
5. Noodles – In many Asian countries, it is used to make noodles like udon, soba, and ramen.
6. Beer – It finds application in the production of beer and other alcoholic beverages.
7. Biofuel – Apart from its extensive uses in the food and beverage industry, wheat is also a feedstock in producing biofuel.
Presently, the majority of our snack delights and sauces are by-products of wheat from China, India, Russia, the United States, and Canada.
What is the future price of wheat?
While bumper wheat harvest from most top-producing countries can cover the supply deficit in the EU, the proposed sanctions in the US will potentially the global wheat supply chain. These tariffs will increase costs and create logistical challenges for wheat exporters, influencing trade flows between major wheat-producing countries and their key markets
Also, China will play an important part as the country is the largest producer and consumer of wheat. However, its present economic issue provides uncertain marketability of the commodity. Furthermore, the conflict in Ukraine and Gaza will certainly affect the global supply chain, leading to wheat price fluctuation.
Overall, market analysts predicted wheat prices will have a modest run at $15.26/bushel in 2027.