Another new contract high again for wheat overnight. Dryness remains pervasive.

April 29, 2026

Grain markets firmed overnight, with corn, soybeans, and wheat all finding support as managed money continues to rebuild length. The buying is being tied to a broader risk premium that now includes both weather concerns and geopolitical uncertainty. Dryness continues to engulf the heart of the HRW wheat belt, with GFS and Euro models both giving up on trying to bring long-term rain forecasts into nearby prospects.