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Wheat Spread Hits Seven-Month High as US Plains Crop Fears Grow

Ben Westcott
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⚡ Quantum Brief
Hard-red winter wheat prices surged to a seven-month high against soft red varieties in March 2026, driven by worsening crop conditions in the central U.S. Plains region. Drought and heat stress have severely degraded winter wheat fields, particularly hard red wheat—key for bread production—over the past month. Forecasts predict continued hot, dry weather, threatening further damage to crops already struggling in the Plains, the primary growing area. The price spread reflects mounting concerns over reduced yields, as hard red wheat becomes scarcer relative to softer varieties less affected by the conditions. Traders are bracing for potential supply shortages, with the premium gap signaling broader market anxiety over U.S. wheat production stability.
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Hard-red winter wheat traded at its biggest premium to the soft red variety in more than seven months, as heat in the central US is set to exacerbate the stress on fields there.US winter wheat conditions have slumpedBloomberg Terminal in the past month as drought impacts the Plains, where the hard red wheat used for bread is predominantly grown. Further hot and dry weather forecast over the coming days could worsen the situation.

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