US wheat notches nearly two-year high on drought concern

ReutersApr 28, 2026 7:31 PM

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CHICAGO, April 28 (Reuters) - Chicago Board of Trade wheat futures hit their highest point on a continuous chart in nearly two years on Tuesday, driven by strong demand and a potentially crop-killing drought in the U.S. winter wheat belt.

Rainy weather in the U.S. Plains wheat belt could alleviate some of the drought stress on crops, but some areas may have already experienced yield loss. Upcoming rain is forecasted to miss other dry areas.
The U.S. Department of Agriculture rated 30% of the nation's winter wheat crop in good to excellent condition on Monday, unchanged from the previous week. Most analysts polled by Reuters had expected a slight decline.
In Kansas, the largest U.S. winter wheat producer, the USDA rated 23% of the state's crop as good to excellent as of Sunday, down from 24% the prior week
CBOT July wheat WN26 settled 28 cents higher to $6.57-3/4 per bushel. Back-month wheat contracts set lifetime highs.
K.C. July wheat KWN26 settled 29-1/2 cents higher to $6.96-3/4 per bushel.
Minneapolis July spring wheat MWEN26 settled 21-1/2 cents higher to $6.97-1/2 per bushel.

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