Analysts caution that wheat futures price volatility may spike next week when global weather models update, potentially impacting yield forecasts across Kansas, Australia, and Eastern Europe. In September, increasing OPEC+ production and U.S. energy policy supporting more fossil fuel production led WTI and Brent futures prices being slightly lower. However, continued geopolitical tensions tempered the bearish sentiment in the crude oil futures market. The past few days have seen a pronounced weakening across key wheat futures contracts. On October 1, 2025, Minneapolis (MGEX) spring wheat futures continued their descent, shedding 5 to 6 cents in midday trading, following a 6 to 7-cent drop on September 30. The December 2025 MGEX Wheat contract, for instance, traded at $5.57 1/2 by midday, down from its September 30 close of $5.63 3/4. Similarly, the March 2026 MGEX Wheat contract also saw declines. After a brief pullback to $6.13, wheat futures price rebounded sharply on reports of lower planting acreage in Canada. The market interpreted this as a potential supply gap into late 2024 harvest cycles.
