The ongoing drought has pushed Chicago wheat futures prices to a seven-week high.

Chicago wheat prices hit a seven-week high as drought conditions in major planting areas of the United States continue to threaten crops. Prolonged drought has caused a lack of sufficient soil moisture in farmland, making it difficult for wheat seedlings to fill. According to a crop growth report from the US Department of Agriculture, only 30% of US winter wheat crops were rated "good to excellent", the lowest level since 2023. The report will be updated later on Monday. The Hightower Report stated in a report, "Traders are expecting the crop growth report to decline again when it is released this afternoon." Soft red winter wheat briefly rose 1.4%, reaching the highest level since March 9, before giving back gains. As of 9:46 am Chicago time, wheat prices rose 0.3% to $6.1850 per bushel. Corn rose 0.7% to $4.6650 per bushel. Soybeans rose 0.8% to $11.8750 per bushel.