WHEAT — US SOFT RED WINTER
US SRW wheat FOB Gulf. Staple food commodity — affected by fertilizer costs, fuel costs, and shipping disruptions.
280 monthly data points from 2010-01-01 to 2026-05-02.
Current$23.43/Mt
Change-0.4%
All-Time High$632.90/Mt (2023-12-01)
All-Time Low$18.61/Mt (2026-01-02)
2019 Avg$352.00/Mt
Data Points280
ALL-TIME (2010–2026)
Full history. Dashed line = 2019 average ($352.00/Mt).
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   378 ┤╰╯       ╰──╯ │  ╭─╮  ╭─╯╰─╮  │    ╰╯       │                         
   342 ┤─ ─ ─ ─ ─ ─ ─ ╰──╯─╰──╯ ─ ─╰──╯ ─ ─ ─ ─ ─ ─ │ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─ ─   baseline
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    19 ┤                                             ╰────────────────────────  now
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        2010-01                            2021-11                     2026-05
1-YEAR
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    19 ┤╰─────────────────────────────────────────────────────────────────────  now
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        2025-06                            2026-03                     2026-05
CONTEXT
Wheat is the most widely grown crop globally — staple food for 2.5 billion people.
Hormuz impact (indirect but cascading):
1. Fertilizer prices ↑ (urea, DAP through Hormuz) → production costs ↑
2. Diesel prices ↑ → farming machinery, transport costs ↑
3. Shipping costs ↑ → bunker fuel spike
4. Middle East countries (Iran, Iraq, Saudi) are major wheat IMPORTERS — compete for supply

2022 peak: $580/Mt (Ukraine war — Black Sea exports blocked). Normal: $200-280/Mt.
Combined Hormuz + Ukraine disruption would stress global grain markets severely.
Key exporters (US, Canada, Australia, EU) not physically blocked but face higher costs.
Source: World Bank Pink Sheet (monthly, 2010–present).
Updated monthly. 280 data points since 2010-01-01.
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