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Wheat futures traded above $6.1 per bushel, hitting their highest level since March 31, as drought conditions tightened supply expectations while prolonged Middle East tensions heightened broader geopolitical uncertainties. The US Department of Agriculture reported that just 30% of winter wheat was rated good or excellent as of April 19, down from 34% a week earlier and 45% a year ago.
Moreover, the National Drought Mitigation Center said 70% of winter wheat areas were affected by drought, up from 50% in late February, while Kansas Wheat warned that limited rainfall during a critical growth period could further curb yields. Wheat futures were also influenced by rising global food inflation risks, driven by higher input costs such as fertilizers and fuel amid escalating Middle East tensions. In a recent development, hopes for a swift resolution to the conflict faded, with both the US and Iran enforcing blockades in the Strait of Hormuz.
