Wheat Price History: Monthly Global Price Since 1992

Wheat is one of the world’s three staple grains and the most widely traded, feeding billions directly as flour and bread. This dataset tracks the IMF Primary Commodity Prices benchmark, US No.1 Hard Red Winter wheat (FOB Gulf of Mexico), published monthly in US dollars per metric ton and distributed via FRED under the code PWHEAMTUSDM, with continuous coverage since 1992. The largest exporters are the EU, Russia, the US, Canada, Australia, and Ukraine.

Dataset: Wheat Price (1992–2026) · Updated 2026-03-01

Source: IMF Primary Commodity Prices · International Monetary Fund (via FRED)

Macro Takeaway

Dataset Overview

Dataset Variables

The CSV and Excel files contain the following columns. Each row represents one calendar month.

Column names match the CSV headers exactly.

Download the Complete Dataset

The full dataset is available in CSV and Excel formats — monthly observations covering more than three decades.

FRED Direct CSV Access

The underlying data is published in the Federal Reserve Economic Data (FRED) database under the series code PWHEAMTUSDM, sourced from the IMF Primary Commodity Prices dataset:

https://fred.stlouisfed.org/graph/fredgraph.csv?id=PWHEAMTUSDM

The Eco3min dataset mirrors the same monthly series, packaged in a stable, versionable CSV with consistent column names — designed for direct ingestion in Python, R, or any data pipeline. The URL never changes, making it suitable for automated scripts.

Direct CSV Access — Eco3min Structured Dataset

https://eco3min.fr/dataset/wheat-price.csv

This URL returns the complete dataset in CSV format. It can be used directly in pandas, R, curl, or any data tool.

Using the Dataset in Python

import pandas as pd

url = "https://eco3min.fr/dataset/wheat-price.csv"
df = pd.read_csv(url, parse_dates=["date"])

print(df.head())
print(df["wheat_price"].describe())

df.plot(x="date", y="wheat_price", title="Wheat Price", legend=False)

Using the Dataset in R

library(readr)

url <- "https://eco3min.fr/dataset/wheat-price.csv"
df <- read_csv(url)

head(df)
summary(df$wheat_price)

Both examples load the dataset directly from the URL — no download or API key required.

Methodology

The IMF reports the wheat price in US dollars per metric ton, based on US No.1 Hard Red Winter wheat (ordinary protein), FOB Gulf of Mexico.

Values are monthly averages, which smooth the intra-month swings visible in daily futures and physical quotes. The series begins in 1992.

This dataset is updated monthly via an automated pull from the FRED API (series PWHEAMTUSDM) by an Eco3min pipeline running on GitHub Actions, which regenerates the cleaned CSV and Excel files and refreshes the page metadata.

Data Quality & Provider Notes

The IMF/benchmark price is a widely cited physical-market reference. A few provider-specific points matter when using this series.

• Release latency. The IMF publishes Primary Commodity Prices monthly, typically in the first week of the following month. FRED ingests the update shortly after, and Eco3min mirrors it with a monthly pull. The series is not a real-time price.
• Monthly average vs futures spot. This series is a monthly average. It will differ from any single exchange settlement, and a monthly average necessarily understates intra-month peaks.
• Revisions. Prices are market-derived and not subject to the vintage revisions of survey-based macro series, though the IMF can restate recent observations.
• Alternative sources. ICE futures and the originating auction or indicator bodies provide higher-frequency or contract-specific quotes.

Common Pitfalls When Using This Series

1. Confusing nominal and real prices. This series is nominal. Comparing an early-1990s reading to a recent one without adjusting for cumulative inflation overstates the real change. Deflating by CPI gives the true purchasing-power move.
2. Reading the monthly average as a market price. Headlines quote exchange futures; this dataset reports the monthly benchmark average. The two diverge most during fast-moving rallies.
3. Unit confusion. This series is in US dollars per metric ton; CBOT and Paris (Euronext) wheat futures are quoted per bushel or per tonne in other currencies, so comparison requires conversion (1 metric ton ≈ 36.74 bushels).

Historical Regimes

1992–2006 — Low and stable. Ample global harvests held wheat broadly in a $100-180 per ton range.

2007–2008 — Food-crisis spike. Drought in major exporters and a wave of export restrictions drove wheat above $400 per ton for the first time during the global food crisis.

2009–2011 — Russian drought. A severe 2010 Russian drought and export ban produced a second spike into 2011.

2012–2019 — Surplus and decline. Record harvests pulled prices back into a roughly $150-230 per ton range.

2020–2021 — Pandemic and recovery. Covid disruptions and firm demand began lifting prices off their lows.

2022 — All-time record. Russia’s invasion of Ukraine drove wheat to an all-time high in March-May 2022, with the largest single monthly jump on record.

2023–2026 — De-escalation. The Black Sea Grain Initiative and strong global harvests pulled prices back toward pre-war levels.

Related Macroeconomic Datasets

Commodity Price Hub

This dataset is part of the Eco3min commodity price repository — energy, metals, agricultural softs, and grains, all sourced from IMF Primary Commodity Prices via FRED.

Explore the Commodity Price Hub

Sources

• International Monetary Fund — Primary Commodity Prices, Global Price of Wheat
• Federal Reserve Bank of St. Louis — FRED database, series PWHEAMTUSDM
• US Gulf No.1 Hard Red Winter wheat export quotations — basis underlying the IMF series

Dataset Reference

Eco3min Research. (2026). Wheat Price — Global Monthly Price (1992-2026). Source: IMF Primary Commodity Prices via FRED.<br> https://eco3min.fr/en/wheat-price-history-dataset/