Wheat Futures Head for the Moon on Escalating Drought ConcernsVideo: Wheat Futures Head for the Moon on Escalating Drought Concerns
???? Wheat surges on drought: Prices jumped to multi-week highs as worsening dryness grips the Plains, with 70% of winter wheat in drought. Corn edged higher, while soybeans slipped. ??????? Mixed weather pattern: Rain improved parts of the Corn Belt, but drought worsened elsewhere—especially the High Plains and Kentucky. Nebraska conditions sharply deteriorated, with 56% in extreme drought. ????? Oil spikes on tensions: Crude climbed over 3% near $96 as Iran keeps the Strait of Hormuz restricted, while fragile ceasefires keep geopolitical risk elevated. ???? Pulses gain favor: Farmers are shifting to peas and lentils as a rare profit opportunity, driven by strong protein demand and lower input costs. ???? Exports mixed but solid: Corn sales dipped week-over-week but remain strong overall; soybean and wheat sales showed mixed trends, with steady global demand.