Chicago wheat prices have reached a seven-week peak as ongoing drought conditions in key U.S. growing regions continue to threaten crop yields.

Persistent dry weather has left farmlands with insufficient soil moisture, making it difficult for wheat plants to develop kernels. In the most recent U.S. Department of Agriculture crop progress report, the proportion of the U.S. winter wheat crop rated “good to excellent” stood at just 30%, the lowest level since 2023. An updated report is expected later on Monday.

The Hightower Report noted, “Traders anticipate a further decline in this afternoon’s crop condition ratings.”

Soft red winter wheat futures rose as much as 1.4%, hitting their highest level since March 9, before paring gains.

As of 9:46 a.m. Chicago time, wheat was up 0.3% at $6.1850 per bushel.

Corn rose 0.7% to $4.6650 per bushel.

Soybeans climbed 0.8% to $11.8750 per bushel.