U.S. farmers are expected to plant 42.7 million acres of wheat in 2026, down 6% from the prior year and the lowest level since 1877. Winter wheat is forecast at 31.5 million acres, down 5% year over year, as drought, freeze damage, high input costs and uncertainty in export markets curb plantings. USDA’s first 2026/27 outlook put the season-average farm price for wheat at $6.50 per bushel. While stocks are currently sufficient to keep flour mills running, prolonged drought and elevated costs could tighten supplies and lift prices further.

U.S. gasoline prices are broadly easing as oil costs fall amid reduced U.S.-Iran tensions, pushing the national average for regular down to about $3.86 per gallon. The sharpest weekly declines have been concentrated on the West Coast, led by Washington (down about 17 cents) and California (down roughly 15 cents), after earlier spikes. Despite near record travel demand, the pullback in crude supply risk is driving the short-term move, reflecting a geopolitically fueled catalyst in oil and refined products markets.