Wheat Soars on U.S. Crop Worries and Ukraine Export Obstacles

Winter wheat in U.S. emerges in worst shape on record: USDA
Ukraine exports won’t fully recover until ports reopen: UAC

WATCH: Grain prices continue to rally, with corn and wheat prices already surging more than 20% since the start of the war in Ukraine. Source: Bloomberg

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By Kim Chipman and Megan Durisin Albery

April 5, 2022 at 5:23 AM UTC

Updated on

April 5, 2022 at 8:43 PM UTC

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Wheat in Chicago surged as U.S. drought and trade route obstacles in Ukraine threaten to tighten global grain supplies.

Only 30% of America’s winter-wheat crop is in good or excellent condition, the Department of Agriculture said Monday in its first national ratings of the year. That’s the lowest score for this point in the season in data spanning three decades. Parts of Europe are also facing spring frosts or snow, according to Paris-based adviser Agritel.