CME wheat prices hit a three-month high, driven by US drought and geopolitical tensions

Drought continues to affect supply prospects in the US Plains, while escalating global geopolitical tensions have heightened concerns over potential supply disruptions. The US Department of Agriculture reported on Wednesday that high temperatures and gusty winds are expected in the south-central Plains, a major winter wheat producing region. Multiple wildfires are already raging in the area. Chicago benchmark futures prices once rose by 1.7%, extending Wednesday's 1.8% gain and reaching the highest level since November 19 during the session.