Born in Kahoka, Missouri, Wheat attended the public schools of Brookfield and Chillicothe, Missouri, and Chaddock College and Gem City Business College, Quincy, Illinois. He served as clerk in clothing stores in Quincy and Bloomington, Illinois. He moved to Thomasboro, Illinois, in 1900, becoming engaged as bookkeeper and later cashier of a bank. In 1909 moved to Rantoul, Illinois, and served as vice president and president of banking institutions. He was also interested in agriculture. He was school treasurer of Rantoul, Illinois, for a number of years. He was an unsuccessful candidate for election to the Seventy-fifth Congress.