U.S. wheat surges to highest since 2024 as dry weather, fertilizer costs weigh on supply

U.S. wheat futures reached their highest level since June 2024, surging 4.5% to $6.58 1/4 per bushel due to drought conditions and rising fertilizer costs impacting supply. The USDA reported only 30% of the winter wheat crop is in good or excellent condition, raising concerns about crop health. U.S. farmers are expected to plant the fewest wheat acres since 1919, as high input costs hinder profitability. Other crops saw mixed results, with corn rising 1.3% and soybeans declining 0.2%.