Wheat Highest Since 2024 as Drought, Fertilizer Costs Hit Supply

Wheat surged to the highest in nearly two years as drought in the US was pressuring yields at a time soaring fertilizer costs prompted farmers to pare back planting of nutrient-intensive crops such as grains.

Futures for soft red winter wheat in Chicago climbed as much as 4.1%, touching the highest level since June 2024, as there was little relief in sight for US Plains wheat fields planted last autumn that now are withering with a lack of rain. The US Department of Agriculture late Monday kept crop ratings unchanged at just 30% rated good or excellent, although the percentage of wheat rated poor or very poor increased.