Wheat Rallies on Weather Woes and Iran-Linked Fertilizer Crunch

Wheat was set for its biggest weekly gain in almost two months, as persistent weather concerns and tighter fertilizer supplies linked to the Iran war stoked worries over the crop’s supply outlook.

The most active wheat contracts in Chicago were on track to climb around 5% on the week, their biggest such jump since February. The hard red winter variety hovered near its highest level since June 2024.