Drought is hitting American wheat growers hard

The wheat yield in the American state of Oklahoma is, to put it mildly, far from impressive. According to the crop tour, the average yield remains stuck at 1.5 tonnes per hectare, only marginally below the level seen during the dry year of 2023. Nevertheless, the news has had little impact on the market. Geopolitical developments, and in particular the prospect of an end to the conflict between the US and Iran, are weighing more heavily on sentiment.