US wheat prices are surging: US wheat futures prices jumped +4.1% on Tuesday, to ~$6.58 per bushel, the highest since June 2024. Prices have risen +30% since the start of the year, driven by persistent drought across the US Plains farming region and soaring fertilizer costs. US farmers are set to plant the least wheat since records began in 1919, as high costs for fertilizer, seeds, and equipment have made the crop increasingly difficult to grow profitably. Food inflation pressures are set to accelerate.